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Article: Fitch Rates Monroe County, Florida's $30.6M Infrastructure Sales Surtax Revs 'AA-'.
- Article from:
- Business Wire
- Article date:
- November 6, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Fitch Ratings has assigned an 'AA-' rating to Monroe County, Florida's approximately $30.6 million infrastructure sales surtax revenue bonds, series 2007. The rating is Fitch's first on the county's debt. The bonds are expected to sell competitively Nov. 28, 2007. Proceeds from the series 2007 bonds will be used to fund fire stations, court renovations, and fulfill an interlocal wastewater financing agreement. The Rating Outlook is Stable.
The 'AA-' rating is based on the strong coverage provided by pledged infrastructure sales tax revenues, adequate additional bonds test, low debt levels, very high wealth levels, and good general fund reserve levels, ...