Fitch Places Five U.S. Retail/Commercial Center Sales Tax Bonds on Rating Watch Evolving

NEW YORK--()--Fitch Ratings has placed the following bonds on Rating Watch Evolving:

I-470 & 350 Transportation Development District (MO):

--$11.3 million outstanding transportation sales tax refunding and improvement revenue bonds, series 2007, currently rated 'A-'.

Unified Government of Wyandotte County/Kansas City (KS):

--$122 million subordinate lien capital appreciation series 2010B bonds (redevelopment project area B), currently rated 'A-'.

Olive Boulevard Transportation Development District (MO):

--$2.96 million outstanding transportation sales tax and special assessment revenue bonds, series 2005, currently rated 'BBB+'.

Manchester/Ballas Community Improvement District (MO):

--$8.9 million sales tax revenue bonds, series 2009, currently rated 'BBB'.

Gravois Bluffs Transportation Development District (MO):

--$15.5 million transportation sales tax revenue bonds, series 2007, currently rated 'BBB'.

RATING SENSITIVITIES

The Rating Watch Evolving signals the ratings could be upgraded, affirmed or downgraded with possible rating migration below investment grade following a review of both structural factors and risks associated with single-site or limited retail/commercial center operations.

CREDIT PROFILE

Fitch is reviewing its ratings on debt secured by sales taxes generated from highly concentrated retail or commercial center operations. The rated bonds mentioned above reflect the totality of Fitch's portfolio potentially subject to rating transition.

The ratings will continue to reflect a blend of public finance and commercial mortgage-backed securities (CMBS) criteria. As it implements this methodology, Fitch will provide more details regarding the specific credit factors used to determine its opinion.

Reviews and any resultant rating changes will occur within the next two months.

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

Applicable Criteria

Tax-Supported Rating Criteria (pub. 14 Aug 2012)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015

U.S. Local Government Tax-Supported Rating Criteria (pub. 14 Aug 2012)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685314

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=988785

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
Larry Levitz
Director
+1-212-908-9174
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Eric Friedman
Director
+1-212-908-9181
or
Committee Chairperson
Jessalynn Moro
Managing Director
+1-212-908-0608
or
Media Relations
Alyssa Castelli, +1 212-908-0540
alyssa.castelli@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Larry Levitz
Director
+1-212-908-9174
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Eric Friedman
Director
+1-212-908-9181
or
Committee Chairperson
Jessalynn Moro
Managing Director
+1-212-908-0608
or
Media Relations
Alyssa Castelli, +1 212-908-0540
alyssa.castelli@fitchratings.com