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CFO Jimmy Patronis Statement on Top Credit Agencies Reaffirming Florida’s AAA Credit Rating Amid COVID-19

1/7/2021

For Immediate Release: Thursday, January 7, 2021
Contact: Office of Communications, Communications@MyFloridaCFO.com, 850.413.2842
 
CFO Jimmy Patronis Statement on Top Credit Agencies Reaffirming Florida’s AAA Credit Rating Amid COVID-19
 
TALLAHASSSE, Fla. – Today, Chief Financial Officer (CFO) Jimmy Patronis released the following statement after Moody's Investors Service and Fitch Ratings reaffirmed the State of Florida’s General Obligation AAA credit rating. The ratings were recently issued ahead of the new year.
 
CFO Jimmy Patronis said, “As Florida continues to recover following the pandemic, I am pleased that both credit rating agencies have reaffirmed a Triple A Bond status to Florida’s General Obligation Credit Rating. This announcement speaks to Florida’s sound financial management and commitment to smart investment decisions. By managing our finances in a prudent way, we will be able to continue to get our state back on its feet following the impact of COVID-19, and build a better, stronger Florida.”
 
Moody’s Investor Services stated, “The state has a proven track record of rebounding from severe weather events while the two main state-sponsored insurance and reinsurance entities have built up strong claims paying resources and reduced exposure to future liabilities.” The credit agency also highlighted Florida’s properly managed finances and low long-term liabilities. 
 
Fitch Ratings noted the state’s sound fiscal management as well as suitable reserves. Moreover, the agency recognized Florida’s commitment to paying down debt over the past decade. Recently, major credit agency Standard & Poor’s also credited Florida for prudent management of the State’s Insurance programs.
 
The reaffirmation comes on the heels of top rating agencies issuing a Triple-A Bond rating in June 2020.

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About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).