Fitch Ratings said it has upgraded to AA-plus from AA Hillsborough County, Fla.'s outstanding $14.1 million outstanding Tampa Arena capital improvement non-ad valorem refunding revenue bonds, series 2005; and $16.4 million outstanding capital improvement non-AV revenue bonds, series 2008.
In addition, Fitch affirms the following ratings: $70.1 million in outstanding general obligation bonds at AAA; $74.2 million in outstanding special assessment revenue bonds, series 2006 at A; $16.1 million in outstanding 4th cent tourist development tax revenue bonds at AA-minus; $26.5 million in outstanding 5th cent TDT revenue bonds at AA-minus.
The rating outlook for all of the above bonds is stable.
In addition, Fitch affirms the Tampa Sports Authority (TSA), FL's outstanding debt ratings as follows: $92.7 million in outstanding local option sales tax revenue bonds at AA-plus with a stable outlook; $21.3 million in outstanding TSA state payment revenue bonds at AA-plus with a negative outlook.
The upgrade reflects strong coverage of covenant to budget and appropriate debt service from legally available non-AV revenues, healthy recent growth in non-AV revenues, reduced debt service attributable to outstanding bonds secured by specific non-AV revenues and substantial reserves available to cover any potential revenue shortfalls.