District Upgraded to AA’ Very High Quality
Fitch Ratings has increased Sausalito-Marin City Sanitary District’s credit rating to AA, or “very high credit quality.” The upgraded rating also applies to the $31.1 million in revenue bonds issued by the District and held by the Marin Public Financing Authority. The upgraded credit rating reflects the District’s “very low default risk,” improved creditworthiness, and strong financial position.
In its statement, Fitch Ratings called the District’s rating outlook “stable” and said the coronavirus pandemic “had no material impact” on the District’s operations.
Fitch cited the District’s “strong capital planning and management” in explaining the rating. Although there are no expected bond issues on the horizon, the higher credit ratings open up greater financial flexibility for the District and demonstrate confidence in its long-term financial outlook.
District General Manager Jeffrey Kingston commented that “we are very proud of this credit rating upgrade. It reflects our prudent financial management and care we take with the revenue provided by our customers.”
The District’s previous credit rating was AA-.