Fitch Ratings confirms the underlying 'BBB' rating on Miami-Dade County Industrial Development Authority (IDA), Florida's outstanding $159.4 million in taxable IDA revenue bonds (Dolphin Stadium Project) and $76.3 million in tax-exempt IDA revenue bonds. The Rating Outlook is Stable.
South Florida Stadium Corp. (SFSC) or Land Shark Stadium is the obligor for all debt service payments. Land Shark Stadium was formerly known as Pro Player Stadium and prior to that, Joe Robbie Stadium. The net revenues of Land Shark Stadium and a $2 million state sales tax rebate (which expires in 2022) secure the bonds.
For more information see Fitch's press release dated May 7, 2009.
Applicable criteria is available at 'www.fitchratings.com': 'Global Sports Rating Guidelines' dated May 9, 2007.
Additional information is available at 'www.fitchratings.com'.
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