March 17, 2017

Financial Stability Continues as SFWMD Receives
AA Credit Rating
No plans to issue new debt in future.
Outlook of business investments and financial affairs leads investors service group to issue strong credit worthiness to Florida's largest water management district.
 
West Palm Beach, FL  - Taking into account the South Florida Water Management District's (SFWMD) low debt, solid reserves, financial flexibility and ample available expenditure options, Fitch Ratings Inc. affirmed an Issuer Default Rating of 'AA' and a Certificates of Participation rating of 'AA-.' The credit rating agency cited SFWMD's overall operations budget and project flexibility as major reasons for a stable outlook.
 
"This latest development comes as no surprise, as this Governing Board is committed to remaining fiscally conservative, spending South Florida taxpayer dollars judiciously and focused on our core missions, " said SFWMD Governing Board Chairman Dan O'Keefe.
 
With the Governing Board's direction, SFWMD's sensible pace of spending has led to financial consistency. Fitch gave SFWMD an identical 'AA-' rating related to Certificates of Participation in June 2015, showcasing SFWMD as a solid creditworthy agency with a proven track record. Additionally, the Governing Board has taken a strict stance against issuance of new debt, instead achieving the bulk of its capital plan on the availability of state funding.
Media Contact: 
Randy Smith  |   rrsmith@sfwmd.gov    |  Office: 561-682-2800  |  Cell: 561-389-3386
The South Florida Water Management District is a regional governmental agency that manages the water resources in the southern part of the state. It is the oldest and largest of the state's five water management districts. Our mission is to protect South Florida's water resources by balancing and improving flood control, water supply, water quality and natural systems.


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