Fitch Rates Miami-Dade County, FL Professional Sports Franchise VRBs Series 2009E 'AA/F1+'

NEW YORK--(Business Wire)--
Fitch Ratings assigns a rating of 'AA/F1+' to the $100,000,000 Miami-Dade
County, Florida professional sports franchise facilities tax variable rate
revenue bonds (VRBs), series 2009E. In addition, the 'AA' long-term rating is
placed on Rating Watch Negative.

The rating is based on the support provided by an irrevocable direct-pay letter
of credit (LOC) issued by Wachovia Bank, National Association (the bank),
securing the bonds. Fitch currently rates the bank 'AA/F1+' with the long-term
rating on Rating Watch Negative. The Bank is obligated to make regularly
scheduled payments of principal of and interest on the bonds as well as purchase
price for tendered bonds. The rating will expire upon the earliest of: (a) July
14, 2011, the initial stated expiration date of the LOC, unless such date is
extended; (b) conversion of the bonds in whole from the weekly interest rate
mode; (c) any prior termination of the LOC; and (d) defeasance of the bonds. The
LOC provides full and sufficient coverage of principal plus an amount equal to
35 days' interest at a maximum rate of 15% based on a year of 365 days and
purchase price for tendered bonds, while the bonds bear interest in a weekly
interest rate mode. The remarketing agent for the bonds is Merrill Lynch,
Pierce, Fenner & Smith Incorporated. The bonds are expected to be delivered on
or about July 14, 2009.

The bonds initially bear interest at a weekly interest rate, but may be
converted to a daily, indexed, flexible, long-term or fixed interest rate mode.
While bonds bear interest in the weekly interest rate mode, interest payments
are the first business day of each month, commencing Aug. 3, 2009. During the
weekly rate mode, holders may tender their bonds on any business day, provided
the trustee and remarketing agent are given requisite prior notice of the
purchase. The bonds are subject to mandatory tender: (1) upon conversion of the
interest rate; and (2) upon expiration, termination or substitution of the LOC.
Optional and mandatory redemption provisions also apply to the bonds.

Bond proceeds will be used to pay a portion of the County's contribution toward
the construction of a new County-owned professional baseball stadium at the
Orange Bowl site to be used by the Florida Marlins, and the County's share of
certain related public infrastructure improvements.

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
Mario Civico, +1-212-908-0796
Cindy Stoller, +1-212-908-0526 (Media Relations)
cindy.stoller@fitchratings.com

Copyright Business Wire 2009