The City of Jacksonville has achieved a significant financial milestone with Fitch upgrading the City’s credit rating by two levels, moving from AA- to AA+. This upgrade reflects Jacksonville’s strong financial health, strategic monetary management, and robust fiscal outlook. In addition, S&P Global Ratings (S&P) and KBRA have reaffirmed their ratings of AA, with all three credit rating agencies indicating a stable outlook.
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“Jacksonville continues to deliver strong financial results, and credit rating agencies appreciate our diversified economy, fiscal responsibility, and investment in infrastructure and development projects,” said Mayor Donna Deegan. “This credit rating upgrade is a big deal for our city. It means savings for taxpayers through lower interest costs and money back into our coffers that can be spent on services for citizens.”
The ratings were issued after a thorough, unbiased analysis of Jacksonville’s current and future fiscal outlook, including the proposed 2024-2025 general fund budget, the usage of operating reserves, the 2025-2029 Capital Improvement Plan (CIP), and the inclusion of stadium renovation funding in the CIP.