Citing a growing tax base and stabilized finances, Fitch Ratings has upgraded the credit rating on various City of Miami bonds, the city announced Friday.
Among the bonds to receive improved outlooks:
▪ The $44.7 million special obligation non-ad valorem revenue refunding bonds for the Miami Port Tunnel, series 2012.
▪ The $101.4 million special obligation parking revenue Marlins Stadium bonds series 2010A and 2010B.
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▪ The $132.2 million streets and sidewalk improvement program special obligation bonds series 2007 and 2009.
The improved ratings could mean long term savings for taxpayers through improved interest rates.
Fitch said it hiked the ratings due to Miami’s improved budget outlook, including its bolstered reserves. Concerns, however, included the city’s pension funds and a case pending before the Florida Supreme Court related to the city’s declaration of financial urgency and slashing of union benefits during the recession.
“This is a another step in a string of financial victories that the city has achieved recently,” Mayor Tomás Regalado said in a statement.