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Fitch Rates Miami, Florida's $51.1MM Lmtd Ad Valorem Bonds 'A-'.

Article Excerpt
TAMPA, Fla. -- Fitch Ratings has assigned an 'A-' rating to Miami, Florida's (the city) approximately $51.1 million limited ad valorem tax bonds (Homeland Defense / Neighborhood Capital Improvement Projects), series 2009. The bonds are scheduled to sell via negotiation on May 18, 2009. Bond proceeds will fund the construction of various capital projects approved in the original bond ordinance.

In addition, Fitch affirms the city's existing debt as follows:

--Outstanding limited ad valorem tax bonds at 'A-';

--Outstanding unlimited general obligation bonds at 'A';

--Outstanding special obligation bonds at 'A-'.

The Rating Outlook on all bonds is Stable.

The 'A-' rating on the limited ad valorem bonds is based on the general credit characteristics of the city, along with the adequate financial flexibility provided for debt service by this security. The 'A' rating on Miami's unlimited tax general obligation bonds reflects an adequate but volatile...

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