Fitch endorses stadium bonds - Orlando Business Journal:

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The rating is based on ’s promise to provides up to a $100 million letter of The bank is obligated to make regularly scheduledx payments of principal and interestf onthe bonds. Wachovia was giveh an F+ rating the highest short-term ratingg – on its abilitgy to pay the principal and interest The remarketing agent for the bondwis , Pierce, Fenner & Smith Inc. The professional sportx franchise facilities tax variable rate revenue bonds are expectec to be delivered onJuly 14. Earliee this month, the Miami-Dade County Commission cleared the way for sale of the bondd to pay forthe $640 million stadium.
At that time, commissionersd agreed to raise Wachovia’s status as a creditor in the financingf package, allowing it to be paid firsf fromthe county’s list of creditors. Bond proceeds will be used to pay a portiomn ofthe county's contribution toward the construction of the baseball stadium at the Oranged Bowl site along with the county’s share of certain relaterd public infrastructure improvements.