Vero Beach, FL, April 11, 2022, – We are excited to announce Fitch Ratings has affirmed a “STABLE” financial outlook for our district. The “Stable” outlook denotes Fitch’s view of the district’s financial condition continues to be positive. This is the second consecutive year the district received a “Stable” outlook.
SDIRC Superintendent Dr. David K. Moore stated, “This rating is an acknowledgement of continued arduous work of the district and the finance team to maximize the resources to be best by kids.”FitchRatings Bond Rating on the School District of Indian River County for the district’s outstanding Certificates of Participation (COPs) remained unchanged at “A+” which is investment grade. The rating on the district, also known as “issuer rating,” remained unchanged at “AA- “, also investment grade.Fitch is one of three primary rating agencies in the United States including Standard & Poor’s Global Ratings and Moody’s.The “Issuer Rating” denotes its opinion of the district’s ability to honor senior unsecured debt and debt-like obligations. This is typically reflective of a general obligation pledge in the case of U.S. local government issuers. The District’s COP rating is one level lower than its Issuer Rating. It is derivative of the Issuer Rating analysis, but also reflects the risk stemming from the annual appropriation nature of COPs debt.