The Hernando County Board of County Commissioners and the Clerk of Circuit Court are pleased to announce that the County’s $31.2 million water and sewer revenue bonds have been upgraded from AA- to AA’ by Fitch Ratings, a global leader in credit ratings and research.
AA is the second highest in Fitch’s four-point investment grade scale.
“Achieving this prime credit rating makes investing in Hernando County very desirable,” County Administrator Leonard Sossamon said. “While so many other local governments are struggling, this is just further proof that Hernando County government has built a solid foundation for economic growth.”
This upgraded rating is based on the County’s strong financial performance, strong debt service coverage, an affordable rate structure and a manageable capital improvement plan.
“The higher credit ratings result in lower costs for future debt, which in turn saves money for every taxpayer in Hernando County,” Clerk of Court and Comptroller Don Barbee said.
The water and sewer system this bond secures provides service to a mostly residential customer base of 59,000 water accounts and 27,000 sewer accounts. The system serves the unincorporated parts of the county with 28 water treatment plants, six wastewater treatment plants and many private septic systems. Efforts are underway to consolidate treatment capacity into fewer plants and convert septic owners to the county system to maintain regulatory compliance and decrease operational risk.
Visit http://hernandoclerk.com/finance-audit-services/financial-services/notices/ to read the full report of the rationale used for these ratings.