Miami Parking Authority (MPA) announced today that Fitch Ratings had upgraded its revenue bonds from ‘A’ to ‘A+’ and determined its rating outlook stable.
Fitch’s upgrade reflects MPA’s strong financial metrics and robust revenue performance after the pandemic. Revenue growth was measured by indicators such as positive demographic profile, economic trends, and increased tourism and special events.
“The Fitch Ratings upgrade is a testament to the dedication to excellence of the MPA management team,” said chief executive officer Alejandra “Alex” Argudin. “This rating underscores the authority’s financial stability, sound policy actions, and an unwavering commitment to public accountability and good stewardship of public resources.”
Some key rating drivers were volume in the high-demand area of the central business district, well-maintained infrastructure assets, and strong financial metrics, among others.
In recent weeks, Moody Investor Services also upgraded to A1 from A2 Miami, FL’s parking revenue bonds.