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Fitch Rates Pasco County Schools, FL Series 2013 Sales Tax Revenue Bonds 'A+'; Outlook Stable

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has assigned an 'A+' rating to the following bonds of Pasco County School District, Florida:

--$99,300,000 sales tax revenue bonds series 2013.

The bonds are expected to be priced Nov. 20 and will be used for various capital improvements. A portion of the proceeds will be used to fund capitalized interest through Oct. 1, 2014.

The Rating Outlook is Stable.

SOUND FINANCIAL MANAGEMENT: The district benefits from a strong experienced management team which practices conservative budgeting and prudent fiscal planning.

CREDIT PROFILE: Pasco County (coterminous with the district) is a 745 square mile area located on the west coast of the state approximately 30 miles northwest of Tampa. The county is home to approximately 466,000 residents and is a mix of suburban and rural communities.

NEW DISTRIBUTION FORMULA PROVIDES STILL SATISFACTORY COVERAGE FOR THE SERIES 2013 BONDS

Under the new Interlocal Agreement that dictates distribution of the renewed 1% county wide sales tax, the district will receive 45% of collections. Applying the new formula to fiscal 2013 collections results in revenues of $21 million which provide 1.64x coverage of the series 2013 MADS ($12.83 million). After moderate 6.2% and 1% declines in fiscal 2009 and 2010, respectively, sales tax collections experienced three consecutive years of growth (14.7% total).

Additional information is available at ' www.fitchratings.com '.

In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope, University Financial Associates, S&P/Case-Shiller Home Price Index, IHS Global Insight, National Association of Realtors.

Applicable Criteria and Related Research:

--'Tax-Supported Rating Criteria' (Aug. 14, 2012);

--'U.S. Local Government Tax-Supported Rating Criteria' (Aug. 14, 2012).

Applicable Criteria and Related Research:

Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015

U.S. Local Government Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685314

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=807771

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE ' 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 MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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