North Port bond rating upgraded
North Port, FL. – The City of North Port has moved to a more positive financial outlook. Fitch Ratings has upgraded the City from an Issuer Default Rating of A+ to an AA. It could potentially save the City hundreds of thousands of dollars. According to Fitch, the upgrade reflects the City’s financial stabilization in recent years.
If the City of North Port were to set out to borrow money in the form of a bond, the City would now save an additional .25%. For example, that would be a $150,000 savings for every $5-million borrowed over a 30-year period. This could have some significant impacts to projects like Price Boulevard widening or even the potential Atlanta Braves spring training deal.
North Port Interim City Manager Peter Lear says, “The rating demonstrates the City’s financial resilience through the recent economic downturn. It doesn’t happen without a lot of hard work and preparation by City leaders and staff, as well as the watchful eye and trust of our residents. The current budget flexibility will help spur on exciting projects which many of our residents are looking forward to.”