The City of St. Augustine received some very positive financial news in the form of a notice regarding its bond ratings.
Moody's Investors Service has upgraded the City of St. Augustine's Water and Sewer Revenue Bonds from A1 to Aa3. The move from upper medium grade to high grade improves the city's standing as a good investment for the bond market, says city Financial Director Mark Litzinger.
Moody's emailed Litzinger, "The upgrade to Aa3 reflects strong and improving debt service coverage, satisfactory liquidity, and adequate legal provisions. The rating also reflects the small but growing size of the system and very low debt burden."
"This shows continuing and growing confidence in the city's financial stability," says Litzinger. The rating affects $13.4 million in debt outstanding.