Fitch Affirms 'AA-/F1+'on $30MM Miami-Dade CO IDA (Dolphins Stadium) Ser 2007A

NEW YORK--()--Fitch Ratings has affirmed the 'AA-/F1+' rating assigned to the $30,000,000 Miami-Dade County Industrial Development Authority taxable industrial development revenue bonds (Dolphins Stadium Project), series 2007A.

The Rating Outlook is Stable for the long-term rating.

The rating action is in connection with (i) the replacement of the irrevocable direct-pay letter of credit (LOC) previously provided by TD Bank, N.A. (rated 'AA-/F1+, Stable Outlook) with a replacement LOC issued by (TD Bank, N.A.), (ii) the purchase in lieu of redemption of the 2007 bonds and (iii) the bifurcation of the series 2007 bonds into two separate series named the Miami-Dade County Industrial Development Authority taxable industrial development revenue bonds (Dolphins Stadium Project), series 2007A (the series 2007A taxable bonds) and the Miami-Dade County Industrial Development Authority taxable industrial development revenue bonds (Dolphins Stadium Project), series 2007B (the series 2007B taxable bonds).

The series 2007A bonds in the principal amount of $30,000,000 will continue to bear interest at the variable rate and are secured by the replacement LOC. The series 2007B bonds in the principal amount of $20,000,000 are being converted to the Floating Rate Notes Mode and privately placed.

KEY RATING DRIVERS

The long-term 'AA-' rating will be based on the higher of the underlying long-term rating assigned to the bonds by Fitch (currently rated 'BBB', Stable Outlook), and the long-term rating assigned by Fitch to TD Bank, N.A. (rated 'AA-/F1+', Stable Outlook, the bank providing the irrevocable direct-pay LOC securing the bonds. The short-term 'F1+' rating will be based solely on the LOC. For information about the underlying credit rating see press release dated Nov. 20, 2014, 'Fitch Affirms South Florida Stadium LLC Revs at 'BBB' (Underlying); Outlook Stable' available at 'www.fitchratings.com'.

Pursuant to the replacement LOC, the bank is obligated to make regularly scheduled payments of principal of and interest on the bonds in addition to payments due upon maturity, acceleration and redemption, as well as purchase price for tendered bonds. Additionally, the bond obligor is in the flow of funds to make timely payments of principal and interest due upon maturity, acceleration and redemption. The credit-enhanced ratings will expire upon the earliest of: (a) May 31, 2018, the initial stated expiration date of the replacement LOC, unless such date is extended; (b) conversion from the variable rate mode; (c) any prior termination of the substitute LOC; and (d) defeasance of the bonds. The TD Bank, N.A. replacement LOC provides full and sufficient coverage of principal plus an amount equal to 52 days of interest at a maximum rate of 15% based on a year of 365 days and purchase price for tendered bonds, while in the variable rate mode. The Remarketing Agent for the bonds is TD Securities (USA) LLC.

RATING SENSITIVITIES

The long-term rating is tied to the Fitch long-term rating assigned to the bonds and the long-term rating that Fitch maintains on the replacement bank providing the replacement LOC. Changes to one or both of these ratings may affect the long-term rating assigned to the bonds.

The short-term rating is exclusively tied to the short-term rating that Fitch maintains on the bank providing the replacement LOC and will reflect all changes to that rating.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper (pub. 21 May 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=866152

U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862222

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=985693

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Mario Civico
Senior Director
+1-212-908-0796
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Richard Park
Director
+1-212-908-0289
or
Committee Chairperson
Joseph Staffa
Senior Director
+1-212-908-0829
or
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com
or
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Mario Civico
Senior Director
+1-212-908-0796
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Richard Park
Director
+1-212-908-0289
or
Committee Chairperson
Joseph Staffa
Senior Director
+1-212-908-0829
or
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com
or
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com