In another sign of Miami's increasing financial health, Moody's announced yet another bond rating upgrade for the once-broke city.
Moody's improved the rating on Miami's $440 million of outstanding non-ad valorem revenue and limited ad valorem bonds
to A1 and gave the city a positive outlook. The rating on $1.4 million in general obligation debt was also upgraded to Aa3.
In a press release Friday, the city announced it is now considered a "high grade" investment.
The city is indeed in good financial standing, having fully replenished once-depleted reserves thanks largely to a development boom now beginning to taper off. Next week, with the city experiencing a multi-million-dollar surplus this year, commissioners are set to allocate money to a series of accounts and projects.
"I'm very pleased Moody's Investors Service has recognized the work of City leaders and the administration. Going forward, it's important to continue to manage the City with fiscal prudence while working to improve the quality of life for all who live and work in Miami" City Manager Daniel Alfonso said in a statement.