|
|
Article: Fitch Affirms City of Bradenton, Florida Special Obligation Revs at 'A+'.
- Article from:
- Investment Weekly News
- Article date:
- June 20, 2009
CopyrightCOPYRIGHT 2009 NewsRX. 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)
|
As part of ongoing surveillance, Fitch Ratings has affirmed the 'A+' rating on the City of Bradenton, Florida's (the city) $18,310,000 special obligation revenue bonds, series 2007 (the bonds). The Rating Outlook is Stable.
The city has covenanted to appropriate in its annual budget non-ad valorem revenues sufficient to pay debt service on the bonds, after taking into consideration certain pledged sales tax revenues distributed to the city under the state's retained spring training franchise incentive program. The bonds were issued to fund improvements to McKechnie Stadium, the spring training home of Major League Baseball's Pittsburgh Pirates.
The 'A+' ...