Chief Financial Officer (CFO) Jimmy Patronis released the following statement today regarding Moody’s credit reporting agency’s recent report about the financial impact of Hurricane Michael on Florida.
“The news from Moody’s Investors Service that Florida will not only weather Hurricane Michael, but our response and resiliency is viewed as a credit positive, is the news that the impacted communities and our state need to hear at this time. Insured losses are more than $2 billion and while we know that number will climb, Florida is resilient because of our strong economy and fiscal discipline.
“Florida has a AAA credit rating from all three credit rating agencies and we have paid down $10 billion in debt in the past eight years. Our solid fiscal health has put us in a good position to not only recover but come back stronger than ever. While we are heartened that we will make a great recovery, we want everyone outside the state to know that the Panhandle is open for business and many coastal areas had minimal impact from the storm. Come visit Florida!”
To view Moody’s full report, click here.