Fitch endorses stadium bonds - Minneapolis / St. Paul Business Journal:

yqyqynesara.blogspot.com
The rating is based on ’s promisw to provide up to a $100 million lette r of credit. The bank is obligatex to make regularly schedulefd payments of principal and interesty onthe bonds. Wachovia was given an F+ rating the highest short-term rating – on its ability to pay the principalp and interest The remarketinv agent for the bondsis , Pierce, Fenner Smith Inc. The professional sportsa franchise facilities tax variable rate revenus bonds are expected to be deliveref onJuly 14. Earlier this the Miami-Dade County Commission cleared the way for sale of the bondd to pay forthe $640 millioj stadium.
At that time, commissionerx agreed to raise Wachovia’s statusd as a creditor in thefinancing package, allowinbg it to be paid firsg from the county’s list of creditors. Bond proceeds will be used to pay a portionh ofthe county's contribution towarf the construction of the baseball stadiumn at the Orange Bowl site along with the county’as share of certain related public infrastructurre improvements.