Standard & Poor's Increases County's Issuer Rating to "AA+"

FOR IMMEDIATE RELEASE
Contact:
Sabrina Robertson
Public Information Officer
(904) 530-6010
srobertson@nassaucountyfl.com

Standard & Poor’s Increases County’s Issuer Rating to “AA+”

Nassau County, Florida, April 24, 2023 – We are excited to announce that Standard & Poor’s has raised Nassau County’s long-term rating on non ad valorem bonds from an AA to AA+, citing the County’s “improvement in operating performance and fund balances as a result of proactive management practices”. Standard & Poor’s is one of the world’s largest credit rating agencies known for measuring changes in a securities market. They assign letter grades to companies and government entities that indicate their degree of investment risk.

In announcing its decision, S&P cited several key reasons for the increase, including:

• The ability to maintain a flat millage rate since 2015, with one increase in 2019
• The millage rate reduction in 2022, with a second 3% reduction included in the 2023 budget
• The adoption of formalized policies
• Effort to diversify recurring revenues
• Condensing its organizational structure in an effort to create greater efficiencies and cost savings

The S&P report also includes a newer area of analysis focused on environmental, social, and governance (ESG). This category looks at the County’s ability to be forward-looking to manage future risks and opportunities. As noted, they recognized the County’s investment into stormwater management and conservation (CLAM) to help mitigate risks to the county's physical assets.

Board of County Commissioner’s Chairman, Klynt Farmer, stated, “County Officials have worked hard to develop and maintain strong financial controls and continue to be forward looking for the benefit of the taxpayers. I am very proud of our team for all they do and for ensuring that we continue to be strong fiscal stewards of the County’s tax dollars”.

If you have any questions, please contact the Office of Management & Budget at (904) 530-6010, Option 2.