Mayor Shannon Martin, City of Port St. Lucie | City of Port St. Lucie website
Mayor Shannon Martin, City of Port St. Lucie | City of Port St. Lucie website
One of the major credit rating agencies has affirmed the City of Port St. Lucie's Utility System Revenue Bonds with an 'AA' rating. In 2024, Fitch Ratings had upgraded these bonds from AA- to AA, citing a significant improvement in the financial profile of the Utility System. Recently, Fitch reaffirmed this 'AA' rating and evaluated the Standalone Credit Profile (SCP) of the Utility System at 'aa'. This SCP represents the credit profile independently from the City's overall credit quality.
The combined assessment of an 'AA' bond rating and an 'aa' SCP indicates a very strong financial standing for the Utility System. According to Fitch, the system is "well positioned" to handle growth in its service area, which has been described as "very favorable" due to robust customer expansion.
Stephen Okiye, Port St. Lucie's Finance Director/Treasurer, provided no additional comments in this release.
Alerts Sign-up