The City of Cape Coral announced Monday that Fitch Ratings has upgraded the City's credit rating from AA- to AA.
Fitch Ratings also affirmed the City’s Issuer Default Rating (IDR) and General Obligation (GO) Bond rating at “AA.”
An AA rating is two steps away from the highest rating a municipality can receive.
According to the City, "The new rating reflects the City’s financial resilience and rapid population growth. Other key factors in achieving this rating are growth in governmental resources and continued maintenance of reserve levels."
The City emphasized that this is a positive development for the community, as it supports ongoing and future infrastructure projects, contributing to the city's continued progress and prosperity.
Fitch Ratings is owned by Hearst Corporation, operator of WZVN (ABC7).