Standard & Poor's Ratings Services said it has raised its issuer credit rating (ICR) on Collier County, Fla., to AAA from AA-plus.
At the same time, Standard & Poor's raised its long-term and underlying ratings on the county's non ad valorem revenue bonds outstanding to AA-plus from AA. The outlook on all ratings is stable.
"The upgrade is based on our view of the county's ability to maintain a strong financial position despite the Great Recession, coupled with our opinion of Collier's improving economic characteristics," said Standard & Poor's credit analyst Lindsay Wilhelm.
The AAA ICR reflects Collier's very strong economy, very strong budgetary flexibility, adequate budgetary performance, very strong liquidity, very strong management conditions, and strong debt and contingent liability profile.
The stable outlook reflects Collier County's strong financial position and its flexibility and strong management conditions, which have enabled it to make adjustments to maintain financial strength throughout economic cycles.
Although S&P does not expect to change the rating in the two-year outlook horizon, a substantial deterioration in the county's financial flexibility or a substantial increase in the risk to its liquidity profile could lead to a lowering the rating.
