... 2014, Fitch Ratings affirmed the general obligation (GO) or implied GO rating on 21 city and county issuers (and 41 related tax-supported securities). The lone rating downgrade during this period was the city of Jacksonville (implied ULTGO rating to `AA' from `AA+'), while two ratings were raised, including the city of Miami (GO rating to `A+' from `A¡'). Economic Recovery Strengthens: Florida's economic recovery continues to gather steam with the participation of nearly every part of the state. Strong growth in jobs has picked up other parts of the economy, including housing values and retail sales. Taxable values in most areas are now experiencing growth. Despite the positive trends, most economic indicators remain below their pre-recession peaks. Foreclosures Remain Elevated: While much reduced from previous years, foreclosure activity within the state remains the highest in the nation. Four of the top five MSAs with the highest foreclosure...
