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*STATEMENT* CFO Jimmy Patronis: Florida in Good Financial Position to Recover from Hurricane Michael

10/31/2018

For Immediate Release: Wednesday, October 31, 2018
Contact: Devin Galetta, 850.413.2842, devin.galetta@myfloridacfo.com  

*STATEMENT*
CFO Jimmy Patronis: Florida in Good Financial Position to Recover from Hurricane Michael

TALLAHASSEE, Fla. - Chief Financial Officer (CFO) Jimmy Patronis released the following statement today regarding Moody's credit reporting agency's recent report about the financial impact of Hurricane Michael on Florida.

“The news from Moody’s Investors Service that Florida will not only weather Hurricane Michael, but our response and resiliency is viewed as a credit positive, is the news that the impacted communities and our state need to hear at this time. Insured losses are more than $2 billion and while we know that number will climb, Florida is resilient because of our strong economy and fiscal discipline.

“Florida has a AAA credit rating from all three credit rating agencies and we have paid down $10 billion in debt in the past eight years. Our solid fiscal health has put us in a good position to not only recover but come back stronger than ever. While we are heartened that we will make a great recovery, we want everyone outside the state to know that the Panhandle is open for business and many coastal areas had minimal impact from the storm. Come visit Florida!”

To view Moody's full report, click here.

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About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a native Floridian and a member of Florida’s Cabinet, who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).