S&P Improves Miami-Dade’s Credit Outlook
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MIAMI (CBSMiami) – Cost cutting measures implemented by Miami-Dade Mayor Carlos Gimenez’s administration have helped lift the county’s credit rating.
In their latest credit outlook, Standard & Poor’s Financial Services changed the previous ranking of the county 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.
The improved credit rating outlook is attributed, in part, to the county’s improved financial position over the past two years. Also taken into consideration were the cost-cutting measures implemented by the Gimenez administration 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 Gimenez.
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.
“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,” said Gimenez.