Standard & Poor’s (S & P), has revised its rating criteria for debt secured by non-ad valorem revenues.
This coupled with strong policy decisions by the Board of County Commissioners (BOCC), strong management and the County’s improved financial position has resulted in Citrus County’s 2015 Capital Improvement Bonds and 2010 Capital Improvement Refunding Bonds/Build America Bonds were upgraded from A+ to AA-.
The bond upgrades reflect both the application of S & P’s revised criteria for U.S. state and local governments, and the improvement in credit quality of Citrus County.
“I am extremely pleased that S & P has increased Citrus County’s bond rating. This shows the efforts and initiative of the BOCC and employees to improve the County’s financial position.” said BOCC Chairman, Ron Kitchen.
The application of the revised criteria focuses on the county’s solid revenue framework and expenditure flexibility, moderate carrying costs, and low long-term liability burden. Credit improvement centers on a demonstrated ability to manage through long periods of revenue decline and to rebuild reserves, providing a better cushion to manage through economic cycles.
“The announcement of S & P to increase Citrus County’s bond rating demonstrates the Board of County Commissioners commitment to make tough decisions that will provide for the County’s continued financial health.” commented County Administrator, Randy Oliver.
Citrus County’s solid revenue raising ability and expenditure flexibility provide it with a high inherent budget flexibility to maintain reserves at a consistent level. S & P believes the county would undertake the necessary actions to manage through economic cycles as it has done in the past.
For more information on the bond refunding, please call the Management and Budget Office at 527-5207.