Fitch upgrades Port St. Lucie’s Utility System Revenue Bonds to ‘AA’

Published on April 02, 2024

The City of Port St. Lucie’s Utility System Revenue Bonds recently received a boost from one of the world’s primary credit rating agencies.

The bonds were upgraded by Fitch Ratings from AA- to AA with a Stable Outlook, an upgrade that reflects a significant enhancement in the Utility System’s financial profile. Fitch noted the Utility System had solid revenue streams and effective operational management. That contributed to the rating agency’s continued confidence in the Utility System’s financial health.

This upgrade in the municipal bond rating to AA underscores an affirmation of the Utility System's robust financial position and its capability to fulfill its financial obligations. The Stable Outlook further reflects sustained confidence in the Utility System's creditworthiness.

“The decision to upgrade the City of Port St. Lucie’s Utility System Revenue Bonds is a reflection of City Council’s strategic vision and the work of City staff to implement sustainable financial policies and practices,” said Stephen Okiye, Port St. Lucie’s Finance Director/Treasurer. “This improved rating will positively impact the City’s ability to sustain vital services for the community.”