KBRA Releases Report Assigning AA Rating to the State of Florida State Board of Administration Finance Corporation Revenue Bonds, Series 2024A; Outlook is Stable

On March 22, 2024, KBRA assigned a long-term rating of AA with a Stable Outlook to the State of Florida State Board of Administration Finance Corporation Revenue Bonds, Series 2024A. Proceeds of the 2024A Bonds will be used, together with other resources, as a source of funds for the Florida Hurricane Catastrophe Fund ("FHCF") to reimburse participating insurers for insured losses in the State relating to any hurricanes that occur in the contract year beginning June 1, 2024 and ending May 31, 2025, or thereafter. The rating reflects the FHCF's strong debt repayment capabilities, which derive from its ability to levy assessments on almost all property and casualty insurance premiums statewide. Assessments, if levied, are charged directly to policyholders and, while subject to single year and annual aggregate limits, can be collected for as long as bonds are outstanding.

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