St. Johns County sees boost in Moody's bond ratings

Moody's, the New-York based ratings agency, has upgraded some of St. Johns County government's bond ratings and its issuer rating, according to a press release from the county clerk of court and comptroller. 

The St. Johns County clerk of the circuit court is also the county treasurer, recorder, auditor, finance officer and ex-officio clerk of the County Commission.  

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Moody's cited the county's "very large and growing tax base, strong wealth and income levels" and "very healthy financial position" in making the announcement this week. 

According to the release, "The report gives St. Johns County a stable financial outlook due to Moody's expectation that ongoing economic development and population growth will continue to support the county's revenue base and financial metrics.

The county has approximately $48.9 million of sales tax revenue bonds, $24.6 million of transportation improvement revenue bonds, $73.2 million of non-ad valorem revenue bonds, and $12.3 million of capital improvement revenue bonds outstanding."

Specifically, Moody's upgraded the county's issuer rating to Aaa from Aa1.

"Obligations rated Aaa are judged to be of the highest quality and subject to the lowest level of credit risk," according to the release. 

Also, Moody's upgraded the non-ad valorem revenue bond rating to Aa1 from Aa2 and its sales tax revenue bond rating to Aa3 from A1. 

"Despite impacts to travel and business activity from the pandemic, debt service coverage remained strong, and half-cent sales tax revenues reached record highs in fiscal year 2021," the release said. 

Moody's affirmed the Aa3 rating of the county transportation improvement revenue bonds and capital improvement revenue bonds.