S&P Global Ratings Raise School Board of Manatee to 'A'

Government

S&P Global Ratings, the world’s leading provider of credit ratings, raised its long-term rating on the School Board of Manatee County’s certificates of participation (COPs) two notches—from ‘BBB+’ to 'A'—according to a report issued by S&P. The outlook for the School Board of Manatee County’s is stable. The report states: “The upgrade reflects the board's recent trend of stable operating performance and improved reserves, supported by the formalization of financial management policies and practices that we consider "good." The district reported operating surpluses in three of the last four audited fiscal years. In that time, the district's available fund balance increased by $26.7 million. The board's available fund balance at fiscal year-end 2017 was $18.1 million, or 4.9% of expenditures, which we consider good.” School Board Chair Dr. Scott Hopes said the ratings upgrade would benefit the district moving forward. Fitch Ratings, another global leader in credit ratings, upgraded its rating outlook for the School District of Manatee County twice in two years, in both 2015 and 2016.

School District of Manatee County

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