Newspaper article Sarasota Herald Tribune

Sarasota County Bonds Get a Ratings Upgrade

Newspaper article Sarasota Herald Tribune

Sarasota County Bonds Get a Ratings Upgrade

Article excerpt

MOODY'S INVESTOR SERVICES

SARASOTA COUNTY -- Moody's Investor Services has upgraded Sarasota County's rating for the bonds used to purchase environmentally sensitive land from A3 to Aaa, the county announced.

The upgrade by the New York firm reflects a six-level increase in the ratings for the Series 2008 and 2005 bonds, which are used for the acquisition of lands in the Environmentally Sensitive Lands Protection Program (ESLPP), indicating a stable outlook.

After the Great Recession, Moody's had downgraded these bonds in 2011 from Aa2 to Baa2. Moody's upgraded the bonds to Baa1 in October 2013, and then to A3 in February 2015.

"This new Moody's rating is the same as the county's long-term issuer rating of Aaa and reflects, according to Moody's, strong operating fund reserves, improving tax base and favorable debt coverage ratios," County Administrator Tom Harmer said. …

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