Laserfiche WebLink
INFORMATIONAL ITEM <br />INDIAN RIVER COUNTY <br />OFFICE OF MANAGEMENT AND BUDGET <br />DATE: September 26, 2016 <br />TO: Board of County Commissioners <br />THROUG14: Jason E. Brown, County Administrator <br />FROM: Michael Smykowski, Budget Director <br />SUBJECT: Fitch Press Release <br />BACKGROUND <br />As part of its due diligence efforts, bond rating agencies conduct surveillance calls relative to <br />outstanding debt to determine if, due to changing economic conditions, any change in the <br />rating assigned to the bond issue is warranted. <br />Fitch Ratings, Inc. recently reviewed Indian River County's Long -Term Issuer Default Rating (IDR) <br />and affirmed the rating at the existing 'AAA' level, reflecting the "county's exceptional financial <br />resilience, superior budget flexibility, and prudent financial management." <br />Fitch Ratings, Inc. also reviewed the Spring Training Facility revenue bonds and affirmed the <br />'AA+' rating assigned to this debt, noting the "strong debt service coverage, solid expected <br />growth prospects, and exceptional resilience that Fitch expects the revenue stream to show <br />through a moderate economic downturn scenario." <br />The full text of the Fitch press release is included as an attachment to this agenda item. <br />FUNDING <br />There is no funding associated with this agenda item. <br />RECOMMENDATION <br />The information contained herein is for informational purposes only and does not require any <br />formal action by the Board of County Commissioners. <br />3 <br />