An analyst with Moody's Investor Services said today that Florida could see its credit ratings cut because of the giant oil spill if tourism falls and property values drop. Edith Behr with Moody's said:
“Cities, towns, school districts, and counties will likely experience a decline in property tax values, which will necessitate a reduction in services or an increase in other revenue to maintain current rating levels,” Behr said. Any rating changes would follow “careful assessment” of how the spill affects tax revenue and debt payments.
Somewhat ominously, Moody's also says that a “worsening disaster” associated with any of Florida’s 1,200 coastline miles could have long-term implications greater than the recent global recession or Hurricane Ivan of 2004.
Also today, a reader sent in a photo of a dead Northern Gannet bird found on the shores of Sanibel Island late last week. Though there are just reports from USF College of Marine Scientists coming in now that the oil spill has gotten into the Loop Current, and thus is still days if not weeks from hitting parts of Florida, tar balls were found yesterday in Key West, and, as you see above, something happened to this animal last week off of Florida's west coast.
This article appears in May 13-19, 2010.