Fitch downgrades Miami-Dade bonds, cites weak housing market

Ratings agency Fitch has downgraded its outlook for several Miami-Dade County bonds to negative from its previous ranking of stable, citing a weak housing market among the reasons for the decreases. Some of the bonds that received the downgrade were public service tax revenue bonds and public facilities revenues bonds. Fitch said that “the county’s weakened financial profile” was greatly affected by the area’s “severely stressed housing market,” and that it expects “further fiscal deterioration” in the county if “a persisting budgetary imbalance” isn’t corrected. [SFBJ]