News Column

Fitch Updates U.S. Public Finance Revenue-Supported Rating Criteria

June 16, 2014



NEW YORK--(BUSINESS WIRE)-- Link to Fitch Ratings' Report: Revenue-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750012

Fitch Ratings has updated its master rating criteria report titled 'Revenue-Supported Rating Criteria.' The report replaces Fitch's existing rating criteria published June 3, 2013. No changes to existing ratings are expected as a result of the update.

Fitch has identified four key rating drivers that affect the credit quality of revenue-supported issuers:

--Effective Governance and Management: A governing body and senior administration's ability to establish and implement an organization's policies and principles;

--Operating Cash Flow Sufficiency: The ability to generate cash flow from operations sufficient to fund debt service obligations;

--Debt Management: The ability to service planned debt from existing operations, manage interest rate risk and comply with legal provisions;

--Financial Profile Evaluation: An analysis of a borrower's operational performance, liquidity and debt load, as well as a qualitative review of the factors that can modulate risk levels.

The updated criteria report is available at 'www.fitchratings.com'.

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

Applicable Criteria and Related Research:

--'Rating U.S. Municipal Short-Term Debt' (Dec. 9, 2013).

Applicable Criteria and Related Research:

Rating U.S. Public Finance Short-Term Debt

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724680

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.



Fitch Ratings

Media Relations

Elizabeth Fogerty, New York

Tel: +1 (212) 908 0526

Email: elizabeth.fogerty@fitchratings.com

or

Dennis M. Pidherny

Managing Director

+1-212-908-0738

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004



Source: Fitch Ratings


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