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CFO Jimmy Patronis Statement on Top Credit Agencies Reaffirming Florida’s AAA Credit Rating Amid COVID-19

1/7/2021
TALLAHASSSE, Fla. – Today, Chief Financial Officer (CFO) Jimmy Patronis released the following statement after Moody's Investors Service and Fitch Ratings reaffirmed the State of Florida’s General Obligation AAA credit rating. The ratings were recently issued ahead of the new year.
 
CFO Jimmy Patronis said, “As Florida continues to recover following the pandemic, I am pleased that both credit rating agencies have reaffirmed a Triple A Bond status to Florida’s General Obligation Credit Rating. This announcement speaks to Florida’s sound financial management and commitment to smart investment decisions. By managing our finances in a prudent way, we will be able to continue to get our state back on its feet following the impact of COVID-19, and build a better, stronger Florida.”
 
Moody’s Investor Services stated, “The state has a proven track record of rebounding from severe weather events while the two main state-sponsored insurance and reinsurance entities have built up strong claims paying resources and reduced exposure to future liabilities.” The credit agency also highlighted Florida’s properly managed finances and low long-term liabilities. 
 
Fitch Ratings noted the state’s sound fiscal management as well as suitable reserves. Moreover, the agency recognized Florida’s commitment to paying down debt over the past decade. Recently, major credit agency Standard & Poor’s also credited Florida for prudent management of the State’s Insurance programs.
 
The reaffirmation comes on the heels of top rating agencies issuing a Triple-A Bond rating in June 2020.