FPUA Receives A+ Rating from Fitch Ratings, Inc.

Posted By: Garnie Holmes (deleted) Association News,

FPUAFort Pierce Utilities Authority (FPUA) is proud to announce that on May 14, 2021, Fitch Ratings has affirmed the ‘A+’ rating on the following FPUA bonds:

  • $17.3 million utilities capital appreciation bonds, series 1999B;
  • $29.7 million utilities revenue refunding bonds, series 2009.

Additionally, Fitch has assessed FPUA’s standalone credit profile (SCP) at ‘a+’. The SCP represents the credit profile of the utility on a stand-alone bases irrespective of its relationship with and the credit quality of, the city of Fort Pierce, FL. The Rating Outlook is stable.

Every other year, Fitch conducts a review of FPUA in order to rate FPUA’s ability to repay outstanding bonds. Key rating drivers include the low operating cost burden, diversified and stable wholesale power supply provided by the Florida Municipal Power Agency, as well as FPUA’s solid financial performance and improving leverage.

The full report released by Fitch Ratings can be viewed at https://www.fitchratings.com/research/us-public-finance/fitch-affirms-fort-pierce-utilities-authority-fl-util-rev-bonds-at-a-outlook-stable-14-05-2021.