Sarasota County maintains AA+ bond ratings

Sarasota County's bond ratings have been reaffirmed AA+ by Fitch Ratings and Standard and Poor’s Global Ratings. The ratings apply to Sarasota County’s capital improvement revenue bonds series 2024C and all outstanding capital improvement revenue bonds.

Proceeds from the $26 million capital improvement revenue bond 2024C will finance the acquisition, construction and equipping of a 32-acre regional fire training academy for Sarasota County. It will replace four current training locations that are spread across the county, according to a statement from Sarasota County.

“We are excited for this project and are dedicated to training firefighters to protect our community and provide a high level of service to our residents and visitors,” Emergency Services Director Rich Collins says in a statement. “We hope the training facility will become a destination training site for fire rescue agencies across the state.”

The new facility will include an administrative building with classrooms, outdoor training areas and an apparatus building.

Planned for Knights Trail Road near the county landfill, the new fire training academy will cost $73 million, according to sister paper YourObserver.com.

Like an individual’s credit score, Fitch and S&P ratings help determine the perceived worthiness for investing. Higher bond ratings will generally correlate with a lower interest rate.

Fitch reports that its AA+ rating stems from “strong pledged revenue growth prospects” and resilience in the face of declines. S&P attributes the AA+ rating to a broad and diverse taxing base, with wealth and income levels above the national average coupled with population growth; pledged revenues that rebounded quickly after the pandemic and continue to show growth; and general creditworthiness, according to a statement from Sarasota County.

“The County is doing an excellent job in maintaining its high bond ratings, resulting in lower interest rates,” County Administrator Jonathan Lewis says in a statement. “These ratings will allow us to move forward with critical projects, like the fire training facility, helping provide infrastructure to better serve our community.”

The bonds are scheduled for a negotiated sale the week of June 24, according to Fitch.