Port St. Lucie - Tuesday April 2, 2024: The City of Port St. Lucie’s Utility System Revenue Bonds recently received a boost from the credit rating agency Fitch.
The bonds were upgraded by Fitch from AA- to AA, with a Stable Outlook. Fitch noted the Utility System had solid revenue streams and effective operational management which contributed to the rating agency’s continued confidence in the Utility System’s financial health.
The upgrade to AA underscores the PSL Utility System's "robust financial position and its capability to fulfill its financial obligations," states a release from the City of Port St. Lucie which goes on to say that the Stable Outlook "reflects sustained confidence in the Utility System's creditworthiness."
“The decision to upgrade the City of Port St. Lucie’s Utility System Revenue Bonds is a reflection of City Council’s strategic vision and the work of City staff to implement sustainable financial policies and practices,” said Port St. Lucie’s Finance Director and Treasurer Stephen Okiye. “This improved rating will positively impact the City’s ability to sustain vital services for the community.”