Miami (City of) FL -- Moody's assigns A3 rating to Miami's (FL) Non-Ad Valorem, Taxable Pension Bonds, Series 1995 CUSIP #593469AP4; the outlook is negative

New York, April 24, 2013 -- Moody's Investors Service has assigned A3 rating to Miami's (FL) Non-Ad Valorem Revenue Bonds, Taxable Pension, Series 1995, CUSIP #593469AP4; the outlook is negative. The bonds are secured by the city's covenant to budget-and-appropriate legally-available non-ad valorem revenues, by amendment if necessary, to repay this obligation, after payment of essential services and obligations having a specific pledge on certain non-ad valorem funds. Legal provisions include a debt service reserve (funded with AMBAC surety for this issue), and an anti-dilution test requiring that all non-ad valorem revenues for the prior year, must equal at least two times maximum annual debt service (MADS) on all non-self-supporting obligations.

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