LTC 520-2024 Moody's Credit Ratings for the City of Miami BeachMIAMI BEACH
OFFICE OF THE CITY MANAGER
L re# 520-2024 LETTER TO COMMISSION
TO: Honorable Mayor Steven Meiner and Members of the City Commission
") � /J __ �FROM: Eric Carpenter, City Manager � L,CV1JW<IVD<>...
DATE: November 22, 2024
SUBJECT: Moody's Credit Ratings for the City of Miami Beach
The purpose of this L TC is to advise the City Commission regarding the results of a recentcredit review completed by Moody's Ratings on the City of Miami Beach and the GeneralObligation (G.O.) Bonds.
•Moody's has affirmed the current Aa2 rating with a stable outlook.
Moody's stated:
•"The city maintains a strong financial position supported by conservative budgetingand formally adopted policies."
•"The city's location on a barrier island makes it particularly susceptible to flood andstorm surge risk. Management has invested substantially in raising sidewalks andstreets and stormwater and water and sewer infrastructure. City managementparticipates in the 100 Resilient Cities network and is a Steering Committeemember of the South Florida Climate Compact. Management includes sea levelrise assumptions in all capital planning and will continue to invest in climate changemitigation."
•"Miami Beach's very strong governance profile supports its rating, as evidenced byit's G-1 (Governance score) which reflects the strong institutional structure neededfor a local government of this size and complexity. The city's demonstrated policycredibility and effectiveness and prudent budget management are also incorporatedinto the G-1 issuer profile score."
Please find attached a rating agency credit scale for your information as well as a copy ofthe credit rating report. Should you have any inquiries regarding this information, pleasecontact Jason D. Greene, Chief Financial Officer.
JDG
"fG·