Moody's Investors Service said it has assigned an A3 rating to the Miami-Dade County's Series 2013A, B,C & D seaport revenue and refunding bonds and downgraded the port's outstanding seaport revenue bonds from A2 to A3.

The outlook is stable.

The downgrade of the port's rating is based the substantial increase in leverage, and the transformation of its debt profile and much tighter financial margins resulting from the current offering.

After the Series 2013, the port is expected issue an additional $400 million of debt through 2017 and the bulk is expected next year. Though the port has pledged net revenues only to pay for its general obligation and revenue bonds, it has also reimbursed the county for debt service on non-ad valorem Sunshine State Loans and Capital Asset Acquisitions Bonds issued to pay for port improvement projects.

When looking at the total seaport debt picture, based on the Consulting Engineer's projection of revenues and assuming the issuance of additional debt in 2014, the port's net revenues will not be sufficient to reimburse the county for the payment of debt service on its Capital Asset Acquisitions Bonds and Sunshine State Loans starting in 2017. At present, the port plans to pay for the expected shortfall out of cash.

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