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City of Miami Bond Rating Upgraded Once Again

--- Moody's pointed to City efforts at resiliency through proactively addressing sea level rise and affordable housing ---

(Miami, FL March 2, 2018) - Moody's Investors Service has upgraded the City of Miami's primary bond rating from A1 to Aa2 due to the City's improved financial position, average debt burden and large, strong diversified economy. The rating agency cited the positive nature of the Miami Forever Bond Program as the City was proactively addressing sea level rise and affordable housing, in addition to noting that City resiliency was important to "continue to grow tourism, population growth, and downtown development."

"This is good news for the taxpayers of Miami," said Mayor Francis Suarez. "The timing couldn't be better. This will mean a lower interest rate on the Miami Forever Bond Program and will save our residents money in the long run."

Moody's upgraded the City's general obligation limited tax rating to Aa2 from A1 and the non-ad valorem rating to Aa3 from A1.

"We are excited about what this means for Miami's future," said City Manager Emilio T. Gonzalez. " Miami is a global city and we appreciate the recognition for being responsible with taxpayer's money. We remain optimistic that we will continue to keep costs down while providing the high-quality services that our residents, businesses, and visitors expect and deserve."

The City of Miami has consistently exercised strong financial controls and conservative budgeting since the economic downturn associated with the housing and market crashes at the end of the last decade.

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