Agencies raise ratings for town, bond debt

    Two agencies that evaluate municipal debt have raised ratings for the Town of Miami Lakes and its 2010, $7.33 million Special Obligation Bonds issued for construction of Town Hall that are paid for with utility tax revenues.

     Fitch Ratings upgraded Miami Lakes’ issuer default rating to AAA from AA+. It rated the bonds as AA+ and said the outlook for the investment was stable.

     The town’s rise in ratings as an issuer reflected its “high revenue control and midrange expenditure control;” “very low direct debt and net pension liabilities and moderate carrying costs,” Fitch said.

     Moody’s Ratings upgraded the bonds from Aa3 to Aa2, the same rating it gave Miami Lakes as an issuer.

     Moody’s said the bonds “are secured by the town’s electric utility tax revenues that are being levied at maximum rates.”