Moody’s upgraded MPA’s credit rating to A1 from A2 with a stable outlook. According to Moody’s, the new rating action reflects the Authority’s relatively small system with a strong demand as the organization is the low-cost parking provider in the city of Miami with rates below nearby private competitors.
“I am proud of Moody’s rating action, which is a testament to MPA’s commitment to fiscal responsibility,” said chief executive officer Alejandra “Alex” Argudin. “The Authority’s financial management and high standards of accountability and professional excellence will contribute to the stability of our local economy.”
The new rating includes the Authority’s low leverage, predicated on the city’s position as a major trade, transportation, and service center for the Southeast and an expanding economy.
