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The City of Daytona Beach’s utility system recently received a bond rating of A+ by Standard & Poor’s (S&P) Global Rating agency after they analyzed the city’s $27.2 million water and sewer bond. The A+ rating is an improvement over the previous “A” rating. The upgraded rating reflects the “utility’s strong economic base, historically strong financial performance and robust management policies.” An improved bond rating is important because it allows the city to borrow money at a lower rate, ultimately saving taxpayers’ money. It is also an indication of the utility’s financial stability.
In S&P’s written analysis they stated, “The stable outlook reflects our expectation that the utility will maintain its strong financial metrics while funding capital needs. We believe that the annual rate studies and implemented rate increases, in addition to a growing economic base, will support the utility's strong financials.” Additionally they added, “The recent restructuring has kept rates affordable, as single-family residential water and sewer rates have been slightly decreased while multi-family rates have been slightly increased. For a single-family residence with average monthly water and wastewater consumption of 4,000 gallons, the water bill is $29.75 and the sewer bill is $43.55.”
The City of Daytona Beach, as a whole, has an overall bond rating of AA.