Fitch: The Florida Report - Favorable Credit Tailwinds

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings' quarterly review of Florida local ratings for the fourth quarter of 2014 demonstrates that ratings have held steady. Fitch affirmed most of the ratings for cities and counties within Florida during this period. The stabilizing ratings trend reflects the state's economic recovery which is in full swing with solid growth in employment and a nascent recovery in the housing market. Despite the progress, Fitch's special report discusses the continued high rates of foreclosure within the state due to the severity of the housing downturn and Florida's long judicial process for handling foreclosures.

During fourth quarter 2014, Fitch reviewed 24 Florida credits and affirmed the general obligation/implied general obligation rating on 21 (88%). The rating trends reflect Florida's improving economic status, which has stabilized local revenues after years of decline. Two ratings were upgraded while only one was downgraded, Jacksonville, primarily due to high pension liabilities.

The state's economic recovery is widespread. All but one of Florida's 22 metropolitan statistical areas showed year-over-year job growth as of December 2014. However, despite rising home values and falling foreclosure rates, 'Florida had the highest foreclosure rate for 2014, according to Realtytrac.com. The residual impact of the foreclosure has most likely slowed the housing recovery as well as the rebound in taxable values.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'The Florida Report - Favorable Credit Tailwinds' March 2015.

Applicable Criteria and Related Research: The Florida Report - Favorable Credit Tailwinds (Fourth-Quarter 2014)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863221

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Fitch Ratings
Larry Levitz
Director
+1 212-908-9174
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Michael Rinaldi
Senior Director
+1 212-908-0833
or
Media Relations, New York
Elizabeth Fogerty
+1 212-908-0526
[email protected]

Source: Fitch Ratings

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