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Tavares, Florida 32778


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Lake County receives positive bond ratings from two major organizations

RELEASE DATE: July 20, 2015

TAVARES — Recent reports from two nationally recognized statistical ratings organizations indicate Lake County is on solid ground in terms of its long term credit outlook.
 
Moody's Investors Service has assigned an Aa3 rating to Lake County's $49 million in estimated Capital Improvement Refunding Revenue Bonds. “The Aa3 rating for the series 2015B Bonds reflects healthy debt service coverage levels that continue to recover following multiple years of declining sales tax collections,” according to a press release by Moody’s. “Coverage will likely continue to improve, because of the refunding and improving local economy.”
 
Fitch Ratings assigned an AA- rating to Lake County’s Capital Improvement Bonds and revised its outlook to stable from negative. “Employment continues its trend of healthy growth, increasing 3.8% in 2014. The unemployment rate, which reached a peak of 12.3% in 2010, continues to improve, dropping to 5.5% in March 2015, comparable to state and national averages both at 5.6%,” according to a press release by Fitch.
 
Lake County Commission Chairman Jimmy Conner lauded the recent ratings as an indicator of the steady increase of the economic and fiscal health of Lake County.

“Due to wise budgetary decisions and careful planning, Lake County is now, and will continue to be, on solid economic ground,” said Chairman Conner. “Together, we are working to maintain and enhance Lake County’s quality of life and make our county even more financially attractive for people to visit, open a business and raise their families.”

 

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Lake County media contact:
Elisha Pappacoda
Public Information Officer
Office: 352-343-9609; Cell: 352-460-2851
epappacoda@lakecountyfl.gov

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