Standard & Poor's Upgrades Bond Ratings for City's Debt Obligations

Standard & Poor’s has notified the City of Cape Coral that they have raised the bond ratings for the City’s Water and Sewer revenue debt, and Utility Assessment bond debt. 

The long-term and underlying rating for Water and Sewer System revenue debt was raised to an “A” from an “A-” with the outlook as “stable.”  In addition, Standard & Poor’s rating for the Utility Assessment bonds was upgraded to “BBB+” from “BBB” also with a “stable” outlook. 

“These improved bond ratings illustrate how managerial best practices have a positive impact on many facets of our organization, and in this case, our financial outlook with a national ratings agency,” said City Manager John Szerlag.  “The upgraded ratings also are a direct reflection on the professionalism and expertise of our Financial Services staff led by Director Victoria Bateman.”

The upgrades to the bond ratings reflect Standard & Poor's overall opinion of continued good financial performance and the City’s intent to maintain the improved finances.    

S&P Attachment 1
S&P Attachment 2