TAMARAC – 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 Issuer Default Rating (IDR), to ‘AA+’ from ‘AA.’ Additionally, Fitch Ratings has upgraded the stormwater revenue notes, series 2009 to ‘AA+ from AA’.
Fitch Ratings reports that the one-notch upgrade of the City’s IDR to ‘AA+’ reflects the City’s continued durability in strengthening Tamarac’s economic base, including a notable increase in the City’s assessed values and improved overall revenue growth trends. The upgrade to ‘AA+’ on the stormwater bond rating reflects Fitch’s recent action on the City’s IDR.
The upgrade in the IDR signifies the City’s ability to meet financial obligations, reinforce investor confidence and attract potential economic development opportunities. It also reflects positively on the City of Tamarac’s fiscal resilience in the face of economic challenges.
Fitch’s upgraded rating strongly validates the efforts made by the City of Tamarac to ensure the City’s strong financial standing.