NORTH PORT, FL – The City of North Port’s issuer rating and non-ad valorem bonds have received an upgrade from Moody’s Investors Service, moving from Aa3 to Aa2. The improved rating demonstrates the City’s continued commitment to financial management and good stewardship of taxpayer dollars.

From Moody’s Investor Service: “The upgrade of the issuer rating to Aa2 reflects the City's strong financial position, which is characterized by ample reserves, several years of balanced operations and strong management. The City's local economy and population is growing faster than the nation and will likely continue to grow due to the ongoing residential and commercial development in the region.”

Just as a higher credit score lowers the rate a citizen will receive on their mortgage, a higher bond rating lowers the City’s cost of financing capital projects such as the widening of Price Boulevard.

“Receiving this upgrade from one of the top international credit rating agencies reflects the City’s constant focus on fiscal responsibility in concurrence with rapid growth,” Finance Director Kimberly Williams said. “Financial management is paramount, and we’re proud of this designation.”

Read the full release from Moody’s here.