Miami-Dade County Mayor Carlos A. Gimenez announces improved S&P credit rating outlook
Miami-Dade County Mayor Carlos A. Gimenez announced today that the County had received an improved credit rating outlook from Standard & Poor's Financial Services, changing the previous outlook from "negative" to "stable" on its General Obligation and Non-Ad Valorem backed debt. As part of the review process, Standard & Poor's (S&P) affirmed the County's AA- General Obligation Bond rating and the A+ Special Obligation Bonds rating. It also affirmed the rating and outlook for the Fire and Rescue Service District.
According to the report provided by S&P, the improved credit rating outlook is attributed in part to the county's improved financial position over the past two years, as well as cost-cutting measures implemented by the current administration. These measures include the departmental reorganization, which reduced the number of departments from 44 to 25, and the reduction of over 1,600 employee positions, including the elimination of vacant positions.
"We're very pleased that our efforts to control government spending have been well received by such a distinguished credit rating group as S&P," said Mayor Gimenez. "We will continue to cut costs, control the size of government, and maintain 'best management practices.' This improved outlook will ultimately result in lower borrowing costs to the County, and will have a positive long-term effect on our ability to provide effective and efficient services to our residents," he added.
The credit review process is an integral part of the County's debt issuance. Credit ratings and outlooks represent S&P's opinion of the creditworthiness of an issuer with respect to certain financial information. Consideration is given to the likelihood of making prompt payments, commitment to financial obligations and protection afforded to bond-holders. In this regard, S&P has given the County an important vote of confidence with its improved credit rating outlook for the County.