VERO BEACH, FL (November 6, 2025) - The School District of Indian River County (SDIRC) has earned an upgraded long-term Issuer Default Rating (IDR) of ‘AA’ from ‘AA-’ by Fitch Ratings, reflecting the District’s continued financial strength, strong reserve levels, and commitment to operational excellence. Fitch cited higher reserve levels and consistent fiscal prudence as key drivers for the upgrade, noting the District’s proactive approach to managing expenditures in alignment with revenue trends.
According to Fitch’s report, unrestricted reserves reached $23.6 million, representing over 13% of spending in fiscal year 2024, with similar levels projected for fiscal year 2025. The District’s long-term liability metrics were also assessed at ‘Strongest’, placing SDIRC among the most fiscally sound districts in Florida. The upgrade also extended to the District’s Certificates of Participation (COPs) rating, which improved from ‘A+’ to ‘AA-’.
“This upgraded financial rating underscores our District’s commitment to strategic innovation, operational efficiency, and long-term stability,” said Dr. David K. Moore, Superintendent of Schools. “Through proactive facilities planning and innovative fiscal management, we are ensuring that every dollar is maximized to support student success. Our focus on efficiency is not about doing less. It is about doing more, smarter, so that we can continue to deliver a world-class education for every child in Indian River County.
Fitch’s review highlighted several factors contributing to the strengthened profile, including:
The District’s proactive approach to managing health insurance costs through employee premium adjustments.
Continued focus on facility optimization and utilization planning to ensure long-term operational sustainability.
Low long-term debt levels and an absence of new borrowing plans over the next three to five years.
The upgraded rating affirms confidence in the SDIRC’s sound governance and its ability to maintain stability amid changing economic and enrollment conditions. Fitch’s analysis noted that despite modest enrollment declines related to demographic trends and school choice expansion, the District’s population growth, strong management practices, and disciplined fiscal controls position it well for continued success.
This is more than a rating. This is a reflection or responsible leadership and forward-thinking stewardship.
Together, we are Organizationally Strong.
Together, we are MySDIRC.
For updates and announcements, visit https://www.indianriverschools.org/ or follow us on Facebook at School District of Indian River County and Dr. David K. Moore, and on Instagram @MySDIRC.
Visit here for the Rating Action Commentary in its entirety: Fitch Upgrades Indian River County Schools FL's IDR to 'AA' and COPs to 'AA-'; Outlook Stable