Hillsborough County, Fla. (Aug. 26, 2026) - Hillsborough County's Water and Wastewater System credit rating has been upgraded from AA+ to AAA - the highest rating available - with a stable outlook.
This strong credit rating means the County can borrow money for needed water and wastewater improvements at more favorable interest rates, helping reduce financing costs and deliver greater value for residents.
S&P Global Ratings noted the County's investment in and expansion of the water and wastewater system, the high quality and accuracy of the County's budgeting process, and the utility's growing customer base as factors in the upgrade.
The upgrade comes at an ideal time as the County is preparing to sell up to $700 million in long-term bonds to provide construction funding for the One Water Campus capital improvement project, already underway in southern Hillsborough County.
The One Water Campus will bring improved water and wastewater service to this rapidly growing area, and the financing transaction will be the largest ever undertaken by the County.
With this upgrade, the County now has two types of credit (the other being general obligation) that have earned the highest possible AAA rating from all three major credit-rating agencies.
These firms include Moody's Investors Services, S&P Global Ratings, and Fitch Ratings. The AAA ratings reflect the agencies' confidence in the County's overall financial strength and ability to manage its finances responsibly.
To learn more about the County's One Water Campus, visit HCFL.Gov/OneWater Campus.