Measure
Bond Ratings
Description: Bond ratings are virtually the county’s credit score. Just like an individual’s credit score, bond ratings are an important factor used by banks to determine the structure of an agreement when a local government wants to finance a project like building, a water treatment facility, or a new road. Sarasota County has maintained AAA General Obligation bond ratings through the recession and continues to improve other ratings over time.
| Bond Ratings | S&P | Moody’s | Fitch |
| General Obligation Bonds | AAA | Aaa | AAA |
| Limited Ad Valorem Bonds | AA+(2) | A3(3) | |
| Capital Improvement Revenue Bonds (sales tax) | AA+ | AA+ | |
| Capital Improvement Revenue Bonds (1st guar. ent.) | A+ | A1 | |
| 2ND Guaranteed Entitlement Revenue Bonds | AA+ | ||
| CST Transportation Revenue Bonds | AA-(1) | Aa3 | AA+ |
| CST Transportation Revenue Bonds | AA-(1) | Aa3 | AA+ |
| Elms Transportation Revenue Bonds | Aa3 | AA+ | |
| Infrastructure Surtax Revenue Bonds | AA | Aa2 | AA+ |
| Utility System Revenue Bonds | AA+ | Aa2 | AA+(4) |
| Solid Waste Revenue Bonds | AA- | Aa3(5) |
(1) upgraded 2 levels from A to AA- 11/20/10.
(2) downgraded 4 levels from A+ to BBB on 06/30/11, then upgraded 1 level to BBB+ on 9/16/11 following the County’s defeasance of ESLPP bonds in August, 2011. Further upgraded 1 level from BBB+ to A- effective March 10, 2014 as part of annual surveillance. Most recent update 07/05/2016 from A- to AA+. This latest rating reflects a rating one notch higher than when the bonds were initially issued beginning in 1999.
(3) downgraded 6 levels from Aa2 to Baa2 7/11/11. No upgrade after defeasance, only change from negative to stable outlook. Upgraded 10-31-13 one level to Baa1 and outlook upgraded from stable to positive. Upgraded again one level to A3 in February, 2015.
(4) upgraded 1 level from AA to AA+ August, 2014 (outlook stable).
(5) upgraded 2 levels from A2 to Aa3 February, 2015 (outlook stable).