Moody's Upgrades Sarasota County's Tax Bond Rating
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TUESDAY FEB 21, 2017 |
New York-based Moody's Investor Services has announced that Sarasota County's limited ad valorem tax bond rating has been upgraded from A3 to Aaa. The upgrade reflects a full six-level increase in the ratings for the Series 2008 and 2005 bonds, which are used for the acquisition of lands in the Environmentally Sensitive Lands Protection Program (ESLPP), indicating a stable outlook. Due to the previous economic downturn, Moody's had downgraded these bonds in 2011 from Aa2 to Baa2. In July of 2011, the county defeased approximately $17.5 million of outstanding bonds to improve the debt coverage of these bonds. Moody's upgraded these bonds to Baa1 in October 2013, and then to A3 in February 2015. According to Sarasota County Administrator Tom Harmer, the bond rating increase represents the cautious and responsible management of public funds by county officials.
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