Two bond services give top ratings to Sarasota County

Sarasota County has been assigned AA+ ratings for its 2023 capital projects improvement revenue series bonds, affirmed AA+ ratings on all capital improvement bonds, and reaffirmed AAA ratings for general obligation bonds by both Fitch Ratings and S&P Global Ratings services. 

The ratings reports determine the county’s perceived worthiness for investment. Similar to an individual’s credit score, higher bond ratings are typically accompanied by a lower interest rate. The rating also indicates lower risk to investors.  

According to Sarasota County Administrator Jonathan Lewis, the positive ratings demonstrate the county’s commitment and ability to successfully generate revenue and manage finances responsibly while fiscally planning for the future.

S&P Global Ratings indicated that its rating on the capital projects improvement bonds is supported by these credit factors:

• A broad and diverse tax base, with wealth levels above the national average and steady population growth.
• Pledged revenues that rebounded quickly and surpassed pre-pandemic levels in 2021 and 2022 after experiencing a minor dip in coverage in 2020.
• General creditworthiness, which supports and does not constrain the characteristics of Sarasota County's sales tax revenue bond features.

Proceeds from the approximately $24.3 million capital projects improvement revenue series 2023A bonds will fund portions of the new Sarasota County Mosquito Management Service facility and the new Emergency Services Administration building.