S&P affirms bond rating for SDIRC

S&P Affirms Bond Rating for SDIRC

Vero Beach, FL, May 12, 2022, – For a second time in two months the SDIRC achieved a “STABLE” financial outlook from another national bond rating agency, Standard & Poors (S&P).  S&P is one of three primary rating agencies in the United States including Fitch Ratings and Moody’s. The “stable” outlook confirms S&P’s view of the district’s financial condition continues to be positive. This stable outlook is an upgrade from the prior negative outlook from S&P in June 2020.  The outlook revision reflects S&P’s opinion of the district's improved financial profile over the past two years due to prudent expense management and revenue growth.

SDIRC Superintendent Dr. David K. Moore stated, “This rating is an acknowledgement of the continued arduous work of our district and our finance team to maximize the resources to be best by kids.”S&P Global affirms its “AA-“ long-term rating of the School District of Indian River County’s outstanding Certificates of Participation (COPs).  The “AA-“ rating is considered investment grade and reflects S&P’s view of the district's pledge to appropriate revenue for debt service. The rating is one notch below the implied issuer’s credit rating, which reflects S&P’s opinion of the general creditworthiness of Indian River County School District.