As Coral Gables plans to issue about $19 million in bonds for its Miracle Mile/Giralda Avenue Streetscape project, Standard & Poor’s upgraded the city’s credit rating from AA+ to AAA, the highest rating possible.
“The upgrade is due to city’s strong management that has actively rebuilt its general fund balance while adopting policies to ensure reserves remain very strong and address its underfunded pension system,” S&P credit analyst Hilary Sutton said in a statement.
The city anticipates the capital improvement revenue bond issue, through the Sunshine State Governmental Financing Commission, to be offered by Tuesday. The bonds, which are rated separately, got an AA+ rating from Standard & Poor’s.
The city plans to finance the bonds through the special assessment areas established on the Mile and Giralda as part of the project’s initial approval. The property owners in the city’s Business Improvement District will pay half of the cost and the city will pay the other half.