Florida’s environmental bond program is not a marketable credit because of diminished debt service coverage, Division of Bond Finance director Ben Watkins said on Tuesday.

A dramatic decline in pledged revenues and severely lowered expectations for collections in the coming years led Fitch Ratings this week to downgrade to A-minus from A-plus $2.6 billion of outstanding Preservation 2000 and Florida Forever revenue bonds, and $200 million of outstanding Florida Everglades bonds.

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