JACKSONVILLE RECEIVES ANOTHER STRONG AND STEADY AA+ RATING FROM FITCH
Fitch Recognizes City’s Fiscal Management, Booming Economy, and Fast Population Growth
The City of Jacksonville is honored to announce that Fitch Ratings has assigned another top tier “AA+” rating for our 2026 special revenue bonds.
A city’s bond rating is a measure of its credit quality, which is the ability to pay a bond's principal and interest in a timely fashion. A higher bond rating means the city can borrow for infrastructure projects at a lower interest rate, saving millions of taxpayer dollars in the process.
This rating reflects the high financial resilience assessment that Jacksonville received, which is “underpinned by the city's solid operating track record and Fitch's expectation that available reserves will continue to exceed 10% of spending.” It also incorporates an increase in economic and institutional strength that recognizes “the city's position as an anchor of the northeast Florida economy.”
“We are grateful Fitch recognizes that we are financially strong and getting stronger,” said Jacksonville Mayor Donna Deegan. “This year’s rating marks the third year in a row that we have received a top tier AA+ rating. It’s not just a trophy for City Hall. It represents savings for taxpayers. It tells the world that Jacksonville is serious, stable, and well managed. It confirms we’re a city on the rise that is worth betting on.”
1. Fitch acknowledged strong fiscal management and efficiency. Specifically, Fitch’s analysis showed revenues exceeding the budget because of “substantial expenditure savings due to departmental and non-departmental operating cost savings – a testament to the City’s fiscally responsible approach to budgeting through technology adoption, LEAN904 process improvements, data-driven decision-making, and holding the number of non-public safety employees flat, despite a growing community.
2. Fitch noted Jacksonville’s fast population growth. Based on the median of 10-year annual percentage change in population, Fitch rated Jacksonville’s population trend as “Strong.” In other words, the city’s population is of sufficient size, and the economy is diversified enough to qualify for their highest overall size/diversification category.
3. Fitch analysis shows that Jacksonville’s economy continues to excel. Not only is Jacksonville the anchor of Northeast Florida economy, but it also has large and expanding healthcare, logistics, and defense industries that make up a highly diverse economy. This led to a year-over-year +1 notch in the “Additional Analytical Factor” for economic strength. The City’s focus on nurturing an attractive business environment and improvements in quality of life has enabled this continued growth.