City of Cape Coral, FL
07/29/2024 | Press release | Distributed by Public on 07/29/2024 10:53
Cape Coral Receives Upgraded Credit Rating
July 29, 2024
The City of Cape Coral is pleased to announce that Fitch Ratings has upgraded the City's credit rating from "AA-" to "AA" on Special Obligation Bonds, two steps away from the highest rating a municipality can receive. Fitch Ratings also affirmed the City's Issuer Default Rating (IDR) and General Obligation (GO) Bond rating at "AA."
The new rating reflects the City's financial resilience and rapid population growth. Other key factors in achieving this rating are growth in governmental resources and continued maintenance of reserve levels.
Given the City's robust expansion, the rating incorporates expectations for additional capital needs and debt issuances over the next several years.
This is a positive development for the community, as it supports ongoing and future infrastructure projects, contributing to the city's continued progress and prosperity.