Local News

Fitch Withdraws Ratings on Florida Governmental Utility Authority Maturities

July 12, 2022
Admin

Fitch Ratings – New York – 11 Jul 2022: Fitch Ratings has withdrawn its ratings for the following bonds due to prerefunding activity:

— Florida Governmental Utility Authority (FL) utility revenue bonds series 2013A (prerefunded maturities only – 34281PQF3, 34281PQG1, 34281PQH9, 34281PQJ5). Previous Rating: ‘A’/Stable.

The rating is being withdrawn because the bonds have been prerefunded.

Pre-refunding is a strategy used by corporations to effectively refinance their outstanding debt. In the interim period between the initial issue and the subsequent callable bond issue, proceeds are held in safe Treasury securities.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCES CITED AS KEY DRIVERS OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.

ADDITIONAL DISCLOSURES

ENDORSEMENT STATUS

Florida Governmental Utility Authority (FL)EU Endorsed, UK Endorsed

DISCLAIMER & DISCLOSURES

All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.fitchratings.com/understandingcreditratings. In addition, the following

READ MORE

SOLICITATION STATUS

The ratings above were solicited and assigned or maintained by Fitch at the request of the rated entity/issuer or a related third party. Any exceptions follow below.

ENDORSEMENT POLICY

Fitch’s international credit ratings produced outside the EU or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU CRA Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case may be. Fitch’s approach to endorsement in the EU and the UK can be found on Fitch’s Regulatory Affairs page on Fitch’s website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.

US Public Finance

Infrastructure and Project Finance

North America

United States

ENTITIES

ISSUER CONTENT