TAMARAC, Fla. (Sept. 10, 2024) – The City of Tamarac is pleased to announce Fitch Ratings, an internationally recognized credit rating agency, has announced an upgrade in the City of Tamarac, Florida’s outstanding series 2013 and 2018 Capital Improvement Bonds to ‘AA+’ from ‘AA’. Fitch also affirmed the City’s Issuer Default Rating (IDR) at ‘AA+’.
Fitch Rating reports that the one-notch upgrade displays Tamarac’s ability to meet its financial obligations and highlights the City's approach to managing its debt. The 'AA+' IDR reflects the City's financial resilience, given a 'midrange' level of budgetary flexibility and expectation for unrestricted general fund reserves maintained at a minimum of 15%.
According to Fitch, AA+ ratings denote expectations of very low default risk. They indicate a very strong capacity for payment of financial commitments.
Fitch's upgraded rating affirms the City of Tamarac's successful financial management efforts.
For additional information about Tamarac’s Fitch Ratings, visit www.FitchRatings.com.
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