MIAMI, Florida – Moody’s Investors Service, considered one of the Big Three credit rating agencies, announced that its rating of Miami-Dade County Public Schools to meet its financial commitments went from Strong to Very Strong.
The District’s long-term debt is now considered High-Grade debt with the rating for General Obligation Bond (GO) as Aa2, the third-highest credit rating that Moody’s assigns to fixed-income securities. The Certificates of Participation (COP) rating jumped into High Grade at Aa3. In addition, Moody’s is maintaining its highest possible short-term rating for the District’s $400 million 2019 Tax Anticipation Notes (TAN).
The upgrades are based on the material improvement of the District’s finances over the last five fiscal years, primarily in its fund balance and liquidity positions. The ratings also incorporate the District’s steady enrollment levels, large and expanding tax base, along with its low debt and fixed cost burdens.
The stable outlook on the District’s GO and COP ratings reflects the likelihood that the District’s financial position over the next few years will remain very strong.