Fitch Places Manatee Port Auth's (FL) $29MM Revs on Watch Negative

NEW YORK--(Business Wire)--
Fitch Ratings places the 'AA-' underlying rating for the Manatee Port Authority,
Florida's (the authority) approximately $29 million port revenue bonds on Rating
Watch Negative. The bonds are secured by a pledge of the net revenues generated
from the operations of Port Manatee (the port), which includes state sales tax
funds received by Manatee County and pledged to the port through an interlocal
agreement, and by Manatee County's (general obligation bonds rated 'AA+' by
Fitch) covenant to budget and appropriate non-ad valorem tax revenues sufficient
to replenish a deficiency in the authority's debt service reserve fund. The
final maturity date of the bonds is Nov. 1, 2022.

The Rating Watch Negative reflects the authority's delay in providing audited
and interim financial information. Fitch will evaluate the authority's bond
rating once its fiscal 2008 audit and other financial information is made
available. Fitch notes that according to the authority's comprehensive annual
financial report, the authority met its rate covenant of 1.3 times (x) in Fiscal
2007 (fiscal year ending September 30th), and debt service coverage was 1.66x.

In most cases, entities are legally required by their respective bond documents
to supply audited financial information within 150 to 180 days after their
fiscal year-end. Failure to produce audited financial information by a specified
date is not an event of default in all cases. However, Fitch notes that untimely
delivery of financial information is not only a violation of the credit's
obligation to provide bondholders with continuing disclosure but also may
indicate financial distress and/or poor management practices.

Fitch will continue to monitor the timely disclosure of financial information
for its rated portfolio of health care providers. Untimely financial disclosure
to Fitch and to bondholders may result in negative rating actions.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Vanessa E. Roy, +1-212-908-0508
Jesse Ortega, +1-212-908-0235
Cindy Stoller, +1-212-908-0526 (Media Relations)
cindy.stoller@fitchratings.com

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