Sarasota County’s utility system has retained strong financial ratings from major credit agencies as it prepares to issue new bonds for a major wastewater facility expansion.
Fitch Ratings and S&P Global Ratings affirmed “AA+” ratings with stable outlooks for the county’s utility system revenue and refunding bonds. Moody’s Ratings also reaffirmed its “Aaa” county-wide rating, which reflects the government’s overall capacity to repay debt.
The county is issuing about $154 million in Utility System Revenue Bonds, Series 2025, to help fund enhancements at the Venice Gardens Water Reclamation Facility. The project includes upgrading the facility to Advanced Wastewater Treatment to meet Florida Department of Environmental Protection standards by June 2025 and expanding treatment capacity from 3 million to 6 million gallons per day. The full expansion is expected to be operational by mid-2028.
Credit agencies cited several factors in their ratings, including Sarasota County’s stable and diverse customer base, affordable utility rates, strong reserves, and formalized fiscal and asset management practices. Both Fitch and S&P noted that these financial policies support long-term predictability and resilience, particularly in the face of climate risks.
Moody’s pointed to the county’s comparatively low tax rate, significant increases in property values and reserves since the pandemic, and the institutional presence of Sarasota Memorial Hospital as strengths supporting its “Aaa” rating.
The high ratings are expected to help Sarasota County secure lower borrowing costs as it advances its capital improvement program. County officials say the funding is essential to ensuring reliable infrastructure and continued progress in water quality improvements.
The Series 2025 bonds are expected to close in September.
For more information, call the Sarasota County Contact Center at 3-1-1 or visit scgov.net.
