Sarasota keeps AAA bond grade

SARASOTA — Sarasota County's bond ratings have been reaffirmed AAA by Fitch Ratings.

County officials announced the ratings grade in a statement, saying the report reflects its “excellent credit profile and healthy financial position.” Adds CFO Steve Botelho: “This rating is a testament to the commitment and focus we've maintained for several years on sound operating and financial principles.”

Fitch, in its report, says the county's healthy financial position stems from conservative budgeting practices, strong management and economic recovery efforts. That report, in conjunction with sizable reserves and a low debt burden, is the basis for the AAA implied general obligation debt rating, county officials say.
 
Fitch also reaffirmed the AA+ rating on the county's communications services tax, one-cent infrastructure surtax and five-cent local fuel tax bonds, the release stated. The stormwater utltilty revenue bond's AA-rating was also reaffirmed.