St. Johns County, FL Water And Sewer System Bond Rating Raised To 'AAA' From 'AA+' On Extremely Strong DSC Maintenance

CENTENNIAL (S&P Global Ratings) March 1, 2021--S&P Global Ratings raised its rating to 'AAA' from 'AA+' on St. Johns County, Fla.'s existing water and sewer system bonds. At the same time, we assigned our 'AAA' long-term rating to the county's approximately $41.125 million series 2021 water and sewer revenue and refunding bonds. The outlook is stable. "The raised rating reflects our opinion of the utility's robust financial prudence, as demonstrated by its strong rate-setting practices and extensive financial planning that have resulted in maintenance of an extremely strong level of debt service coverage over that past several years, and it is our expectation that the utility will maintain its robust financial profile over the next five years despite increasing its

...March 1, 2021 CENTENNIAL (S&P Global Ratings) March 1, 2021--S&P Global Ratings raised its rating to '###' from '##+' on St. Johns County, Fla.'s existing water and sewer system bonds. At the same time, we assigned our '###' long-term rating to the county's approximately $41.125 million series 2021 water and sewer revenue and refunding bonds. The outlook is stable. "The raised rating reflects our opinion of the utility's robust financial prudence, as demonstrated by its strong rate-setting practices and extensive financial planning that have resulted in maintenance of an extremely strong level of debt service coverage over that past several years, and it is our expectation that the utility will maintain its robust financial profile over the next five years despite increasing its debt burden through 2025," said S&P Global Ratings credit analyst Stephanie Linnet. Overall, we believe management mitigates most environmental and social factors by adopting, adhering to, and adjusting its operating...

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