...The 'AA' Issuer Default Rating (IDR) reflects the city's high fundamental financial flexibility, supported by robust reserve levels, solid expenditure flexibility and high revenue raising ability. A low long-term liability burden and solid revenue growth prospects associated with continued population growth are additional positive credit considerations. The rating on the NAV bonds is notched off the IDR; the one-notch distinction reflects the inability to compel the city to generate NAV revenues sufficient to pay bondholders and priority given to the payment of essential government services. Economic Resource Base: The city of Winter Haven is located in Polk County, approximately 50 miles east of Tampa and 50 miles southwest of Orlando. The city encompasses over 40 square miles with a population that has increased a high 45% since the 2010 Census to more than 49,000 in 2020....
