Reuters logo
4 years ago
Moody's cuts Florida's Miami-Dade County seaport revenue bonds to A3
August 27, 2013 / 3:52 PM / 4 years ago

Moody's cuts Florida's Miami-Dade County seaport revenue bonds to A3

Aug 27 (Reuters) - Moody's Investors Service on Tuesday cut to A3 from A2 its credit ratings on seaport revenue bonds from Florida's Miami-Dade County.

Underwriters for the county on Monday postponed until September an offering of $389.3 million of seaport revenue bonds that had been expected to come to market this week.

Moody's, which said its outlook on the port debt was stable, said in a news release, "The downgrade of the port's rating is based on the substantial increase in leverage, and the transformation of its debt profile and much tighter financial margins resulting from the current offering."

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below