Fitch rates Palm Beach bonds AA+, drops outlook to negative

Fitch Ratings said it assigned an AA+ rating to Palm Beach County, Fla.'s $180 million series 2008A public improvement revenue bonds and revised its outlook to negative from stable.

The bonds are scheduled to price on Aug. 11 via negotiation.

Proceeds will be used to fund an expansion of the county's detention facilities.

Fitch also affirmed its AA+ rating on $675 million of outstanding parity bonds and the AAA rating on $313.5 million in outstanding general obligation bonds.

The outlook revision to negative reflects anticipated erosion in the county's financial metrics over the next few fiscal years, Fitch said, citing statewide property tax reform measures, a weakened economy and housing market and rapidly escalating operating costs, most notably for sheriff operations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.