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CFO Jimmy Patronis: Increased Treasury Credit Rating is Good News for Florida Taxpayers

12/11/2018

For Immediate Release: Tuesday, December 11, 2018
Contact: Communications@myfloridacfo.com, 850.413.2842 
 
CFO Jimmy Patronis: Increased Treasury Credit Rating is Good News for Florida Taxpayers 
 
TALLAHASSEE, Fla.—Florida Chief Financial Officer (CFO) Jimmy Patronis announced today that S&P Global Ratings raised the fund quality rating on the Florida Treasury Investment Pool to AA- from A+. S&P cited the pool’s strong exposure—the quality of investment, comparison with other funds with similar composition, and sound management by CFO Patronis’ Division of Treasury as the reasons why they made this change.
 
CFO Jimmy Patronis said, “Today’s news that S&P raised our Treasury Investment Pool’s credit rating to AA- is a testament to Florida’s fiscal responsibility and strong asset management. Even more importantly, our elevated credit rating put us in a stronger position to manage your taxpayer dollars. Better returns on our investments can keep taxes low and you can keep more of your money.
 
“It will continue to be a policy of my office to diversify investments smartly and responsibly, like partnering with Israel to invest $40 million in Israel bonds since 2017 and supporting Florida’s allies. We must do everything possible to provide Floridians with a strong return on investment so we can build a better, stronger Florida.”
 
The Treasury Investment Pool is valued at approximately $24 billion. Money into the Florida’s treasury comes from state agencies by way of fees and other taxpayer dollars, and is used primarily to pay the state’s bills including payments to vendors and running the state government.
 
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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).