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STANDARD & P O O R'S 55 Water Street,38th Floor <br /> RATINGS SERVICES NewYork,NY 10041.0003 <br /> � <br /> tel 212-438-2000 <br /> WGRAW HILL FINANCIAL reference no.:40174037 <br /> December 11, 2014 <br /> Indian River County <br /> 1840 27th Street <br /> Vero Beach, FL 32960--3365 <br /> Attention: Mr. Joseph A. Baird, County Administrator <br /> Re:Indian River County, Florida, Outstanding General Obligation Bonds, Series 2006 <br /> Dear Mr. Baird: <br /> Standard & Poor's Ratings Services ("Ratings Services") has reviewed the rating on the above- <br /> listed obligations. Based on our review, we have raised our credit rating from "AA" to "AA+" and <br /> changed the outlook to stable from positive. A copy of the rationale supporting the rating and <br /> outlook is enclosed. <br /> This letter constitutes Ratings Services' permission for you to disseminate the above rating to <br /> interested parties in accordance with applicable laws and regulations. However, permission for <br /> such dissemination (other than to professional advisors bound by appropriate confidentiality <br /> arrangements) will become effective only after we have released the rating on <br /> standardandpoors.com. Any dissemination on any Website by you or your agents shall include the <br /> full analysis for the rating, including any updates, where applicable. <br /> To maintain the rating, Standard & Poor's must receive all relevant financial and other <br /> information, including notice of material changes to financial and other information provided to us <br /> and in relevant documents, as soon as such information is available. Relevant financial and other <br /> information includes, but is not limited to, information about direct bank loans and debt and debt- <br /> like instruments issued to, or entered into with, financial institutions, insurance companies and/or <br /> other entities, whether or not disclosure of such information would be required under S.E.C. Rule <br /> 15c2-12.You understand that Ratings Services relies on you and your agents and advisors for the <br /> accuracy, timeliness and completeness of the information submitted in connection with the rating <br /> and the continued flow of material information as part of the surveillance process. Please send all <br /> information via electronic delivery to pubfin statelocalgovtastandardandpoors com. If SEC rule <br /> 17g-5 is applicable, you may post such information on the appropriate website. For any <br /> information not available in electronic format or posted on the applicable website, <br /> Please send hard copies to: <br /> Standard & Poor's Ratings Services <br /> Public Finance Department <br /> 55 Water Street <br /> PF Ratings U.S. (7/18/14) <br /> 17 <br />