Fitch Upgrades Key City Of Miami Bond Ratings

From the City of Miami:

Published on November 01, 2019

In a nod to the City of Miami’s strong financial management, top bond-rating firm Fitch this week upgraded the City of Miami’s Issuer Default Rating (IDR) to ‘AA’ from ‘AA-’ and its special obligation non-ad valorem revenue bonds to ‘AA-‘ from ‘A+’. Fitch noted that the IDR upgrade is based on “the strength of the city’s various budgetary tools and available reserves,” which position the organization to manage the challenges that a moderate economic downturn could pose. Recent settlements that the City Administration successfully negotiated with police and fire unions also eliminated risk to large cash outlays that could have pressured the City’s overall financial resilience.

This press release was produced by the City of Miami. The views expressed here are the author’s own.