MIAMI, January 30, 2015
The Miami Parking Authority (MPA) is pleased to announce Fitch Ratings’ affirmation of the agency’s A credit rating on its $68.7 million of outstanding series with a stable outlook.
Fitch, one of the most renowned global rating agencies, based its rating on MPA’s solid operating profile, the agency’s healthy revenue, its rate-making flexibility and the diversity of revenue brought about by the management of parking garages, surface lots and on-street parking, which minimizes reliance on any one single system. MPA’s revenue increased by 3.7% in fiscal year 2014.
Fitch’s affirmation of our performance is indicative of our ability to maintain a robust financial base as a self-sustaining entity, said Arthur Noriega, CEO of MPA. We are proud of this recognition, and will continue on our path to building revenue strengthening our position within the industry and serving our community.
MPA was created in 1955 by a Special Act of the Florida State Legislature and incorporated into the City of Miami's Charter in 1968. The agency manages and develops affordable and convenient on- and off-street parking facilities in the City of Miami. MPA is managed by parking industry professionals and financed by parking revenues. Funds not used by operations are returned to the City of Miami, and all ticket citation revenues are directly payable to Miami-Dade County. MPA provides accessible parking for millions of vehicles annually. It shares responsibility with the City of Miami Police Department and Miami-Dade County for enforcement of parking regulations.
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