Martin County, FL 2016 Utilities System Refunding Revenue Bond Rating Raised To 'AA+' On Economic Growth

TRENTON (S&P Global Ratings) Feb. 15, 2024--S&P Global Ratings raised its long-term rating on Martin County, Fla.'s series 2016 utilities system refunding revenue bonds to 'AA+' from 'AA'. The outlook is stable. "The upgrade reflects the continued growth in the area, customer base, and economic metrics coupled with historical exceptionally strong coverage and cash levels, which are expected to be maintained as the county moves forward with its current capital plan," said S&P Global Ratings credit analyst Danielle Leonardis. The stable outlook reflects the expectation that the system will maintain a sound overall financial position and at least strong all-in coverage and liquidity levels as the they embark on the financing of various capital needs addressing growth and capacity issues

...February 15, 2024 TRENTON (S&P Global Ratings) Feb. 15, 2024--S&P Global Ratings raised its long-term rating on Martin County, Fla.'s series 2016 utilities system refunding revenue bonds to '##+' from '##'. The outlook is stable. "The upgrade reflects the continued growth in the area, customer base, and economic metrics coupled with historical exceptionally strong coverage and cash levels, which are expected to be maintained as the county moves forward with its current capital plan," said S&P Global Ratings credit analyst Danielle Leonardis. The stable outlook reflects the expectation that the system will maintain a sound overall financial position and at least strong all-in coverage and liquidity levels as the they embark on the financing of various capital needs addressing growth and capacity issues going forward....

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