Vero Beach, FL, November 25, 2024–The School District of Indian River County is pleased to announce that Fitch Ratings, one of the three primary credit rating agencies in the United States, has revised its Rating Outlook from “Stable” to “Positive.” This change reflects the continued improvement in the district’s financial health and the district’s ongoing commitment to fiscal responsibility.
Fitch Ratings, along with Standard & Poor’s and Moody’s, provides essential credit ratings that assess an issuer's creditworthiness, default risk, and overall financial stability. The district's upgraded "Positive" Outlook from Fitch reflects current trends that suggest a strong likelihood of an improved rating in the near future, signaling continued financial stability and progress. Fitch Ratings' long-term outlook provides valuable insight into the direction a rating is likely to move over the next 12 to 24 months.
Dr. David K. Moore, Superintendent of Schools, remarked, “Since the beginning of my tenure with the district, we have made fiscal responsibility a top priority, and this is the second time we've seen substantial improvements in our ratings as a direct result of that commitment. We are honored to receive this recognition from Fitch Ratings, which reflects the unwavering dedication of our entire district team to fiscal discipline and transparency. This positive outlook further strengthens our position as we continue to build on these achievements, ensuring we provide the best possible educational experience for our students. I’m incredibly proud of the hard work and dedication of our entire team, whose efforts have helped secure our district's continued financial strength and stability.”
Fitch Ratings also confirmed that the district’s current bond rating for its outstanding Certificates of Participation (COPs) remains at “A+,” which is considered investment-grade. The district’s issuer rating remains at “AA-,” a strong rating that reflects the district's sound financial management and stability.
The positive outlook comes on the heels of the district's ongoing efforts to increase unrestricted reserves and improve financial practices. Fitch Ratings noted that the district’s robust reserves, along with other positive economic factors, contributed to the upward revision of the outlook.