City Credit Rating Upgraded
Fitch Ratings has upgraded its rating on the City’s water and sewer revenue bonds from “A” to “A+”. The City of Cape Coral has held an “A” credit rating for several years by Fitch Bond Rating Agency.
In April, Fitch revised its rating criteria and subsequently reassessed the City’s water and sewer revenue bonds, series 2011, 2011A, and 2015. Fitch also assessed the overall financial health of the City of Cape Coral along with Coronavirus considerations. The review resulted in upgrading the rating to A+ with a stable outlook. The key rating drivers were the City’s strong rating defensibility and low operating cost burden in the past five years. The rating reflects that the City is strong in capital planning and management.
Fitch’s review indicated that during the ongoing Coronavirus pandemic the City’s water and sewer system has not had any impairment. Fitch will continue to monitor the City’s future performance.