Sarasota earns rating bump on $71.3M in bonds

SARASOTA — Moody's Investor Services issued a rating upgrade for a series of Sarasota County tax bonds, going from B status to A status.

The upgrade is for $71.3 million in bonds from 2008 and 2005 that are limited ad valorem tax bonds, according to a release. The upgrade, the release adds, reflects Moody's expectation that taxable property values will continue to grow over the next several years throughout unincorporated Sarasota County.

“The county is pleased with this upgrade from Moody's Investor Service,” Assistant County Administrator and Chief Financial Management Officer Steve Botelho says in the statement. “This positive outlook reflects a sustained trend of strong financial metrics, positive financial results and a strong debt coverage ratio, among other factors.”

The bonds were originally issued to finance the acquisition of environmentally sensitive lands and parkland.