County maintains AA+ rating for Second Gauranteed Revenue Bonds, outlook stable
SARASOTA COUNTY – Fitch Ratings announced this week that Sarasota County’s Second Guaranteed Entitlement Revenue Bonds will maintain their current AA+ rating.
The rating for the $16.9 million guaranteed entitlement revenue bonds is based on several factors, including the county’s prudent financial management techniques.
According to Fitch Ratings, which is based in New York, Sarasota County’s finances are characterized by conservative budgeting practices and healthy reserve levels. Employment opportunities continue to expand in the county, the ratings service said, and an uptick in home prices and sales tax growth also contributed to an affirmed AA+ rating.
According to Assistant County Administrator Steve Botelho, who also serves as the county’s Chief Financial Management Officer, the bond rating represents the cautious and responsible management of public funds by county officials.
“Our responsibility as stewards of these funds drives the hard work done by county staff, and that hard work is reflected in this Fitch rating. Our rating outlook moving forward is also stable, which is another indicator of the county being in a strong financial position, ” added Botelho.
Fitch Ratings also believes that Sarasota County’s modest debt structure and growing economic base will continue to have a positive impact on the bond rating.
For more information, call the Sarasota County Contact Center at 941-861-5000 or visit www.scgov.net.