
Nassau County recently received notification from Fitch Ratings, Inc. (Fitch) that its rating has been increased to “AAA”, up from its previous rating of “AA.” Fitch is one of the world’s top credit rating agencies who provides independent assessments of the creditworthiness of the County, akin to a consumer FICO or credit score.
The announcement from Fitch directly attributed the upgrade to the County’s financial resilience, and economic and demographic indicators that compare favorably relative to other agencies. Fitch analysts also cited several key reasons for the increase including:
- Population growth and maturation of the County
- Maintaining healthy reserve levels that help mitigate risks associated with potential tax base volatility
- Low levels of carrying costs to government expenditures, liabilities to personal income, and liabilities to governmental revenues
Board of County Commissioners Chairman John Martin stated, “I am pleased to see another positive rating from Fitch. County Officials have worked hard to lower debt and maintain a heavy level of emergency reserves. This new rating proves we are moving in the right direction here in Nassau County, Florida.”
As the County’s Clerk of Courts and Comptroller, Mr. John A. Crawford is governed by statutory authority as the County’s auditor, recorder, and custodian of all funds. The Clerk works directly with the Board to ensure the County has adequate financial controls and actively manages the investment of County funds. Following Fitch’s credit rating increase, Mr. Crawford stated, “What an incredible accomplishment! The AAA rating is the highest rating available and is a testament to our county's strong fiscal management and commitment to fiscal sustainability. This upgrade reflects the confidence that investors and analysts have in our ability to maintain sound financial practices that help ensure a secure future for our community.”
If you have any questions, please contact the County Manager’s Office at (904) 530-6010.
-Sabrina Robertson
Public Information Officer