Two out of three may not be bad either.
Moody’s Investors Service’s has announced that the rating company has downgraded Port St. Lucie’s general obligation bonds and certificates of participation (COPs). However, two other major ratings agencies, Standard & Poor’s and Fitch, have not downgraded the city’s bonds and COPs.
In a statement from the city, City Manager Jeff Bremer says despite the downgrade by Moody’s, he remains confident in the city’s financial outlook. Bremer says the city will continue to provide the top-notch services our residents are used to, and we continue to do it efficiently and effectively every day. Moody’s said the bond rating downgrade reflects among other factors the potential risks associated with the debt on the city-owned Vaccine and Gene Therapy Institute’s facility.