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7/2/2014 - Fitch Rates City of Riviera Beach Utility Special District, FL's Rev Bonds 'A+

NEW YORK--(Business Wire)--Fitch Ratings assigns an 'A+' rating to the City of Riviera Beach Utility Special District (CRBUSD, or the district), FL's approximately $25 million utility system refunding revenue bonds, series 2014.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a senior lien pledge of the net revenues of the water and sewer system (the system).

KEY RATING DRIVERS

STRONG FINANCIAL PERFORMANCE: The system's financial profile has strengthened in recent years. Operating margins approximate 30% and debt service coverage (DSC) has averaged 3.5x over the past four years. Both free cash flow (FCF) and days of operating cash on hand are ample. Read More