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On August 25, 2020, Fitch Ratings Services, one of the world’s leading independent credit rating agencies, affirmed the City of Oakland Park’s water and sewer system revenue bonds as ‘AA-.’ ‘AA-‘ reflects a “high grade” of creditworthiness. The outlook on the rating was increased from “stable” to “positive.”
The affirmation in the water and sewer bonds rating is attributed by Fitch to the utility system’s “ample leverage capacity within the framework of strong revenue defensibility and very low operating risks“. The report also notes City’s water and sewer system’s favorable demographic trends, strong rate flexibility, and very strong financial profile. This rating affirmation reflects the strong fiscal policies adopted by the City and the value of the capital investments made to the City’s water/sewer system. A copy of the Fitch report is available here.Fitch’s decision to affirm the City’s water and sewer system revenue bonds follows an earlier action taken by S&P Global Ratings in 2019 affirming their ‘AA’ rating of the City’s water and sewer bonds. In May 2020, the City’s general obligation bonds were rated by S&P Global Ratings as ‘AA’. All of Oakland Park’s existing bonds are rated as “high grade.”