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Fitch Rts Vero Beach, FL''s $14.5MM Water & Sewer Rfdg Bds ''A''.

Publication: Business Wire
Publication Date: 26-AUG-03
Format: Online - approximately 796 words
Delivery: Immediate Online Access

Article Excerpt
Business Editors

WASHINGTON--(BUSINESS WIRE)--Aug. 26, 2003

Fitch Ratings assigns an 'A' rating to the City of Vero Beach, FL's (the city) $14.5 million water and sewer system refunding revenue bonds series 2003A (initially issued as M-STARS). The Rating Outlook is Stable. The bonds are scheduled to sell on or about Sept. 2 via negotiation led by JPMorgan. The bonds have a final maturity date of Dec. 1, 2021.

The city will enter into a floating-to-fixed interest rate swap with JP Morgan Securities, Inc. The swap agreement commences with the bonds' issuance and expires on Dec. 1, 2013. This offering will refund the outstanding water and sewer system revenue bonds, series 1993B for net present value savings estimated at...

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