The Rating Outlook is Stable.
LEGAL FRAMEWORK: Pursuant to section 334.30 of Florida Statutes, FDOT can enter into design-build-finance (DBF) contracts and other public-private partnerships for projects included in FDOT's work program. Payments by FDOT can be made over time, as long as obligations for such payments in total do not exceed 15% of total federal and state funding for the
PAYMENTS SUBJECT TO APPROPRIATION: Bonds issued pursuant to this authorization are supported by statutorily authorized payments to be made by FDOT, subject to appropriation, and pursuant to a DBF contract. Fitch views the credit quality of the statutorily authorized payments to be made by FDOT pursuant to the DBF contract for the 9B project as commensurate with an 'A' rating.
The 'A' rating reflects the legislative acknowledgement of the project financing and parameters around future use of the security, the sound operating history of the Florida DOT, a record of solid management of transportation funding and assets, and a history of timely payment on contracts, as well as the state's solid economic fundamentals.
Maintenance of the 'A' rating will be based on stability of the statutory framework, and continued appropriation and inclusion of the project in future FDOT work programs. Rating is sensitive to fiscal stress at the state level that causes a significant downgrade of Fitch's GO rating.
For further detail, please see 'Fitch Affirms FL Municipal Loan Council Infrastructure Improvement Revs at 'A'', dated
Additional information is available at 'www.fitchratings.com'.
--'Tax Supported Rating Criteria' (
--'US State Government Rating Criteria' (
U.S. State Government Tax-Supported Rating Criteria
Source: Fitch Ratings
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