Fitch Revises Outlook on Florida Environmental Protection Revs to Stable from Negative; Affirms Rtg

NEW YORK--(Business Wire)--
Fitch Ratings has revised the Rating Outlook on approximately $2.6 billion
outstanding Florida Department of Environmental Protection Preservation 2000 and
Florida Forever revenue bonds and $200 million outstanding Florida Everglades
bonds to Stable from Negative. In addition, the rating is affirmed at 'A-'.

The Outlook revision reflects action take by the legislature to bolster
projected coverage levels. State statute was revised to expand revenues
available for debt service to include all documentary stamp tax revenues not
needed for debt service on other bonds. This boosts minimum projected coverage
levels from 1.15 times (x) in fiscal 2010 to 1.9x. Fitch believes that this
action results in stabilization of the rating at the 'A-' level.

For more information, see Fitch Research 'Fitch Downgrades Florida Environmental
Protection Revs to 'A-' from 'A+'; Outlook Negative' dated March 23, 2009,
available on the Fitch web site at www.fitchratings.com.

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
Laura Porter, +1-212-908-0575
Richard Raphael, +1-212-908-0506
Cindy Stoller, +1-212-908-0526 (Media Relations)
cindy.stoller@fitchratings.com

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