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UPDATE 1-S&P cuts Miami-Dade County Fire, Rescue Service bonds to 'A-'
September 11, 2013 / 10:03 PM / 4 years ago

UPDATE 1-S&P cuts Miami-Dade County Fire, Rescue Service bonds to 'A-'

Sept 11 (Reuters) - Standard & Poor's Ratings on Wednesday cut by three notches its underlying rating on Miami-Dade County, Fla.'s series 2002 special obligation bonds (Fire and Rescue Service District) to A-minus from AA-minus.

The outlook is stable, S&P said.

"The lower rating reflects recent operating deficits that have driven down reserves to very low levels, combined with management's inability to balance operations with ongoing revenues," said Standard & Poor's credit analyst Hilary Sutton in a statement.

According to government documents, the 2002 series bonds totalled $17.9 million and have a final maturity of 2022.

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