2009-01-13 01:13:01 -

Fitch Ratings places the 'AA-' underlying rating for the Manatee Port Authority, Florida's (the authority) approximately $29 million port revenue bonds on Rating Watch Negative. The bonds are secured by a pledge of the net revenues generated from the operations of Port Manatee (the port), which includes state sales tax funds received by Manatee County and pledged to the port

through an interlocal agreement, and by Manatee County's (general obligation bonds rated 'AA+' by Fitch) covenant to budget and appropriate non-ad valorem tax revenues sufficient to replenish a deficiency in the authority's debt service reserve fund. The final maturity date of the bonds is Nov. 1, 2022.


The Rating Watch Negative reflects the authority's delay in providing audited and interim financial information. Fitch will evaluate the authority's bond rating once its fiscal 2008 audit and other financial information is made available. Fitch notes that according to the authority's comprehensive annual financial report, the authority met its rate covenant of 1.3 times (x) in Fiscal 2007 (fiscal year ending September 30th), and debt service coverage was 1.66x.


In most cases, entities are legally required by their respective bond documents to supply audited financial information within 150 to 180 days after their fiscal year-end. Failure to produce audited financial information by a specified date is not an event of default in all cases. However, Fitch notes that untimely delivery of financial information is not only a violation of the credit's obligation to provide bondholders with continuing disclosure but also may indicate financial distress and/or poor management practices.


Fitch will continue to monitor the timely disclosure of financial information for its rated portfolio of health care providers. Untimely financial disclosure to Fitch and to bondholders may result in negative rating actions.


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

Vanessa E. Roy, +1-212-908-0508

Jesse Ortega, +1-212-908-0235

Cindy Stoller, +1-212-908-0526 (Media Relations)

cindy.stoller@fitchratings.com