Leesburg Improves Credit Scores with Good Financial Management
For Immediate Release: June 21, 2019
Contact: Office of the City Manager
352-728-9786 x. 1100
Leesburg improves credit scores with good financial management
LEESBURG, FL - Leesburg continues to improve its bond credit ratingsthrough strong financial management of the city's water, wastewater and gas utilities.
S & P Global Ratings – one of the world's top credit scoring agencies – has raised the long-term rating on Leesburg's utility bonds for series 2007 A and B and series 2013 from “A+” to “AA-” status, crediting the utility system's financial position as the primary factor for the upgrade.
“I am very proud of what Leesburg has done,” said Mayor John Christian. “The city is being recognized by financial experts as a responsible steward of the public's money. Increasing the bond ratings demonstrates S & P Global’s confidence in the job we’re doing.”
S & P Global Ratings complimented Leesburg leaders for “ongoing fiscal and operational management practices” and the rates charged to utility customers.
“The monthly rates for all three utilities (natural gas, water and wastewater) are very competitive. In December 2018, the combined water and sewer monthly rate for 6,000 gallons was $50.55, which is low in Florida. Gas prices were also below those of most other suppliers,” reported S & P Global Ratings.
“The City Commission has been very supportive of our efforts to increase efficiency and update infrastructure in the utilities while keeping costs low for our customers. The improved rating is confirmation that our efforts are working,” said Leesburg City Manager Al Minner.
Leesburg is a progressive city of more than 23,000 residents in northwest Lake County. The city government serves twice as many people with its electric, gas, water and wastewater public utilities. Leesburg is also a central hub for commerce, attracting 50,000 people to work each weekday. For more information, visit www.leesburgflorida.gov.