Fitch affirms PSL Utility System Revenue Bonds rating at 'AA'

Published on March 13, 2025

One of the world’s primary credit rating agencies recently affirmed the City of Port St. Lucie’s Utility System Revenue Bonds with an ‘AA’ rating.

In 2024, Fitch Ratings upgraded the Utility System Revenue Bonds from AA- to AA with a Stable Outlook, which reflected a significant enhancement in the Utility System’s financial profile. This February, Fitch reaffirmed the AA rating. It also assessed the Utility System’s Standalone Credit Profile (SCP) at ‘aa,’ which represents the credit profile of the Utility System on its own and without any connection to the credit quality of the City of Port St. Lucie.

Taken together, the AA bond rating and the aa SCP reflect a ‘Very Strong’ financial profile.

Fitch noted that the Utility System is “well positioned” to address growth in its service area, which the rating agency noted was “very favorable” and featured strong customer growth.

“The reaffirmation of Port St. Lucie’s Utility System Revenue Bonds highlights the strategic vision of our City Council and the diligent efforts of our staff to uphold sustainable financial policies and practices,” said Stephen Okiye, Port St. Lucie’s Finance Director/Treasurer. “As the City continues to meet the needs of our growing community, maintaining a strong bond rating helps reduce the costs of building new infrastructure and allows us to continue providing high-quality services to our residents.”