The national bond rating agency Fitch Ratings this week affirmed its “BBB” investment grade bond rating on the V.I. Public Finance Authority’s Gross Receipts Taxes Bonds, according to Government House. The news bodes well for the upcoming sale of about $18 million in bonds to fund the Paul E. Joseph Stadium on St. Croix, and refunds some 2003 bonds, saving interest.
Standard & Poor affirmed its “BBB+” rating two weeks ago.
“This affirmation of our outstanding bond ratings are further confirmation of the stability and strength of out bond financing program, and of the confidence of the investment community in our financing program,” Gov. John deJongh Jr. said Friday.
"The Paul E. Joseph Stadium project was finally approved by the Senate and we can now move this important project to fruition. This project will be supported by the rum revenue receipts in our Community Facilities Trust Fund, and will have no adverse impact on our General Fund," deJongh said.
Refunding the 2003 bonds "offers us the opportunity to bring down our interest cost for years," he said. "Market interest rates continue to be near historically low levels, and we want to act on this while the opportunity is here," he said.
Commissioner of Finance and PFA Executive Director Angel Dawson said they expect widespread interest in the bond sale.