City of Miami Earns Key Bond Rating Upgrade from S&P Global Ratings
Published on November 10, 2021
Standard and Poor's (S&P) Global Ratings recently announced its decision to upgrade its long-term outlook on the City of Miami’s limited ad valorem bonds and non-ad valorem bonds to stable (‘AA-‘).
“S&P’s decision to upgrade our bond ratings is a welcome affirmation of our ongoing efforts to strengthen and stabilize the City’s financial position,” said Miami City Manager Art Noriega. “Our finance and budget teams have done great work, and we’re confident that we can build on this trend as our local economy recovers from the effects of the pandemic.”
In making the decision to upgrade their outlook, S&P cited the proven stability of the City’s operating budget throughout the COVID-19 pandemic, as well as their expectation that the City’s financial reserves will remain stable or grow in the near term. The ratings agency also pointed to the City’s strong management, stability in key management positions and strong institutional framework as factors in its upgrade decision.
S&P also took broader economic indicators into consideration as it reviewed the City of Miami's financial position. Accordingly, the upgrade also reflects Miami's strengthening labor market, which is rebounding from the negative economic effects of the COVID-19 pandemic, and the city’s position as the economic anchor for the broader region.