AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
Section: Rating - In the course of routine surveillance, Fitch Ratings takes the following rating actions on Winter Springs, FL (the city): --$32 million improvement revenue bonds affirmed at 'AA'; --implied general obligation (GO) affirmed at 'AA'.
The Rating Outlook is Stable.
RATING RATIONALE: --The 'AA' rating on the improvement revenue bonds reflects the city's general credit characteristics, very strong debt service coverage and lack of additional leveraging plans.
--The 'AA' implied GO rating reflects the city's strong financial management, with surplus results generally recorded in the general fund and robust fund balance levels.
--Pension funding levels are very weak, and pension contributions continue to assume an increasingly large share of budget resources.
--Debt levels are expected to remain low, given the absence of additional issuance plans …