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Fitch upgrades PCB's water and sewer bond rating to AA+

Post Date:06/26/2020 2:00 PM

The City of Panama City Beach received notice last week that the City’s rating on the approximately $14.3 million utility revenue refunding bonds series 2012 has been upgraded from AA to AA+. This is one grade below a AAA rating, the highest attainable rating.

In addition, Fitch has assessed the city's water and sewer system standalone credit profile (SCP) at 'aa+'. The Rating Outlook is Stable. The rating upgrade translates into lower interest rates on future utility revenue bonds, which will result in long-term debt service savings.

“This speaks well of the processes and controls put in place by both the Utility and the Finance departments,” said Vice Mayor and Ward 3 Councilman Geoff McConnell. “We are proud of this accomplishment.”

 Public Information Officer Debbie Ward can be reached at (850) 233-5100, Ext. 2261, or dward@pcbgov.com.

 

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