July 25 (Reuters) – Moody’s Investors Service put $669
million of Miami’s debt on review for possible ratings cuts on
Wednesday, two days after the city was told federal regulators
had determined Miami officials had misled bond investors about
its finances.
“During the review, Moody’s will determine whether the
issues identified by the SEC (Securities and Exchange
Commission) are known to us and have been incorporated into our
analysis of the city’s finances,” Moody’s said.
Moody’s said it had placed under review: an A2 rating on
$25.4 million of Miami general obligation unlimited tax bonds,
an A3 rating on $226.2 million of limited ad valorem bonds, an
A3 rating on $277.3 million of non-ad valorem obligations, and
an A2 rating on $139.9 million of special tax obligations.
