World: Fitch Affirms Winter Springs, FL's Improvement Revs at 'AA'; Outlook Stable.

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 …