Fitch Rates Tampa-Hillsborough Cty Expressway Auth's $234MM Ser 2005 Revs 'AAApre'; Outlook Negative

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned a rating of 'AAApre', Negative Outlook to the $234,365,000 Tampa-Hillsborough County (State of Florida) Expressway Authority (the authority) revenue bonds series 2005. The series 2005 bonds were refunded on Dec. 20, 2012 with portions of the proceeds of the Authority's refunding revenue bonds series 2012A, series 2012B, and taxable series 2012D and amounts transferred from the debt service fund associated with the series 2005 bonds prior to the refunding. This rating applies to the outstanding series 2005 bonds maturing in the years 2016 to 2035 (see CUSIPS below).

SENSITIVITY/RATING DRIVERS

Pursuant to an irrevocable escrow agreement, the escrow agent, the State Board of Administration of Florida, holds a separate special irrevocable escrow trust fund solely for the benefit of refunded bondholders. All funds and securities held in this account are pledged irrevocably to the payment when due of interest on the refunded bonds, the payment of principal and redemption premium upon redemption, and the payment of escrow agent fees. The 'AAApre', Negative Outlook rating reflects this pledge and that all funds have been invested in direct non-callable obligations of the United States. The U.S. full faith and credit rating is currently rated 'AAA', Negative Outlook by Fitch.

Causey Demgen & Moore P.C. verified the mathematical accuracy of computations relating to the adequacy of income from escrowed funds to pay debt service requirements of the refunded bonds. These computations were contained in schedules provided to them by FirstSouthwest, financial advisor for the refunding bonds. According to the Causey Demgen & Moore verification report, the securities and cash deposited will produce amounts necessary for timely payment of the principal, interest and redemption premium on the refunded bonds, and escrow agent fees when due. Prior to accepting substitute or additional investment securities or disbursing funds, the escrow agent must receive a new report verifying the continued sufficiency of escrowed funds to meet all future payments of principal, interest and redemption premium on the refunded bonds, and escrow agent fees when due.

The 'AAApre', Negative Outlook rating applies to the series 2005 bonds with the following CUSIP numbers:

875301EH2

875301EJ8

875301EK5

875301EL3

875301CZ4

875301DA8

875301DB6

875301DC4

875301DD2

875301DE0

875301DF7

875301DG5

875301DH3

875301DJ9

875301DK6

875301DL4

875301DP5

875301DQ3

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Rating Criteria', Feb. 28, 2012;

--'Guidelines for Rating Prerefunded Municipal Bonds', Dec. 4, 2012.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570

Guidelines for Rating Prerefunded U.S. Municipal Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695465

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