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7- 6 <br />INFORMATIONAL ITEM <br />INDIAN RIVER COUNTY <br />OFFICE OF MANAGEMENT AND BUDGET <br />DATE: December 27, 2016 <br />TO: Board of County Commissioners <br />THROUGH: Jason E. Brown, County Administrator <br />FROM: Michael Smykowski, Budget Director <br />SUBJECT: Fitch Press Release <br />BACKGROUND <br />As part of its due diligence efforts, bond rating agencies conduct surveillance calls relative to <br />outstanding debt to determine if, due to changing economic conditions, any change in the <br />rating assigned to the bond issue is warranted. <br />Fitch Ratings, Inc. recently reviewed Indian River County's water and sewer revenue refunding <br />bonds, series 2009, and affirmed the rating at the existing 'AAA' level, reflecting the "system's <br />very strong underlying credit fundamentals, which include strong financial performance, limited <br />and rapidly amortizing debt and limited capital needs." <br />The full text of the Fitch press release is included as an attachment to this agenda item. <br />FUNDING <br />There is no funding associated with this agenda item. <br />RECOMMENDATION <br />The information contained herein is for informational purposes only and does not require any <br />formal action by the Board of County Commissioners. <br />FOR: January 10, 2017 <br />Attachments: <br />Fitch Press Release <br />P4 <br />