S&P GLOBAL RATINGS CONFIRM THE RIVIERA BEACH UTILITY’S A+ RATING
RIVIERA BEACH, FL. (April 19, 2023) – Executive Director for Riviera Beach’s Utility Special District Michael Low announced this month that the rating agency S&P Global Ratings released its ratings on the District’s outstanding revenue bonds. S&P Global Ratings affirms its A+ rating while maintaining its stable financial outlook for the District.
“This favorable rating of the District demonstrates the prudent financial management during the past several years, despite, the impacts of the pandemic, inflation, the impact of costs of goods and services, and not raising rates since 2019,” said Randy M. Sherman, Riviera Beach’s Director of Finance and Administrative Services. “This strong bond rating will provide for the opportunity to invest in the new water treatment plant at the lowest possible costs to our customers.”
The rating report presents a thorough, objective, and independent analysis of the District’s financial operations and credit strength. S&P Global Ratings reports that the outlook reflects its expectation that the District will maintain strong financial metrics during its upcoming capital plan by means of rate increases and additional debt issuance.
The upside scenario is that S&P could raise the rating should the District achieve a sustained increase in coverage, including the anticipated debt issuance, and strengthen its liquidity position while successfully implementing the capital program.
The full S&P Global Ratings report is available for review here.
Public Information Officer