Fitch downgrades MC School Board, FL’s COPs to ‘A’ from ‘AA-‘; outlook revised to negative

(Source: Martin County School District Finance Department)

Fitch Ratings has taken the following rating actions on Martin County School Board, (the district) obligations:  –$34.4 million certificate of participation (COPs) downgraded to ‘A’ from ‘AA-‘. In addition, Fitch downgrades the following rating: –Implied general obligation to ‘A+’ from ‘AA’.

Key rating drivers include a local economy that is primarily residential and somewhat limited. Wealth levels are above average; however, the unemployment rate has trended above the state and the nation over the past three to four years.

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