Posted by Tanya Arja or Debra Bellanti on 10/3/2024 10:02:00 AM
For Immediate Release
Contact: Tanya Arja or Debra Bellanti
Hillsborough County Public Schools
Office of Communications
813-272-4060
Tampa, Fl. (October 3, 2024) – Hillsborough County Public Schools (HCPS) is proud to announce that Fitch Ratings has upgraded the district’s credit rating from 'A' to 'A+'. This significant upgrade is a testament to the district’s continued fiscal responsibility and financial stability.
The improved rating reflects HCPS’ strong financial position, following years of diligent budgetary management and strategic planning. In recent years, the district has successfully stabilized its finances, addressed previous budget deficits and built a strong reserve. The upgrade also recognizes the district's ability to manage operational costs while continuing to invest in critical academic programs and services for its nearly 220,000 students.
HCPS is proud to announce the ratings reflect:
Issuer Default Rating (IDR) upgraded to 'A+' from 'A'
Outstanding Hillsborough County FL School Board and Leasing Corp. Certificates of participation was upgraded to 'A+' from 'A';
Outstanding Hillsborough County FL School Board capital improvement and refunding revenue bonds, series 2015 upgraded to 'A+' from 'A';
Outstanding community investment tax (CIT) sales tax revenue bonds, series 2015B affirmed at 'A'.
The Rating Outlook is revised to Positive from Stable.
"This upgrade from Fitch Ratings underscores the hard work and commitment of our entire team to ensure fiscal responsibility while still prioritizing student success," said Superintendent Van Ayres. "We have focused on long-term sustainability, making strategic decisions that allow us to strengthen our financial standing while ensuring our students have the best classroom experience possible."
This upgrade will allow the district to borrow at lower interest rates and will provide increased financial flexibility. It also demonstrates the district’s financial health, sending a
positive message to parents, educators, and businesses, that the district is committed to responsible fiscal stewardship, ensuring the long-term sustainability of public education in Hillsborough County.
Hillsborough County Public Schools will continue to work diligently to maintain its financial health and ensure that every decision made prioritizes the needs of students and the overall community.
Additional information on Fitch ratings can be found at fitchratings.com