Miami Parking Authority

Fitch Affirms MPA Bonds at ‘A’; Outlook Stable

CHICAGO–(BUSINESS WIRE)–Fitch Ratings has affirmed the City of Miami, FL Department of Off-Street Parking’s (DOSP, the department or the authority) approximately $65.04 million of outstanding series 2009 A & B parking system revenue bonds at ‘A’.

The Rating Outlook is revised to Positive from Stable.

The Positive Outlook reflects a favorable trend in financial strength demonstrated by increasing debt service coverage due to sustained revenue growth and DOSP’s effective cost management. Given the lack of additional borrowings planned under the capital program, the parking enterprise is also expected to have progressive deleveraging.