Moody's Investors Service said it upgraded Daytona Beach, Fla.'s water and sewer revenue bonds to A1 from A2.
The city has $50.92 million of water and sewer bonds outstanding.
The A1 reflects strong debt service coverage, improved days cash on hand, and significant economic developments that will have a positive impact on gross revenues for the utility. The utility also has ample capacity to handle new development.
"Folloing recent yield moves, a generic muni index is now down 1% on the month with no real sub-sector showing much deviation from that result," said Kim Olsan, senior vice president of trading at FHN Financial.
The law firm revealed 2024 promotions.
As the nation's fourth largest city faces a growing structural budget deficit, it is also expecting to issue more than $3 billion of debt for its airport, water and sewer system, convention center, as well as to fund a settlement with firefighters and for cash-flow purposes.
The extension of the current solar net metering system could lower revenue for the utility.
The finance team is "marketing slices of risk" to raise money to refinance its debt, investors said.
John Fleming is pushing back against a proposal in the state Legislature to change the way the state Bond Commission oversees the issuance of debt by cities, counties and local governments and entities.
