Wednesday, January 11, 2012

Fitch Downgrades South Florida Water Management District COPs to 'AA-'

This is not for the casual reader.  It’s for the record.  Someday, all the detrimental and disastrous actions of a misguided governor and a legislature more focused on re-election and party interests than that of the public’s will come home to roost.  It has already begun.

The web link below will take dedicated professional financial wonks to the site of the Wall Street Journal’s “Market Watch” page and a press release published 01.10.12 entitled, Fitch Downgrades South Florida Water Management District COPs to 'AA-'; Outlook Stable.” It will make them pant. 

(Here’s the link to the story:

The article is actually a detailed report about the fact that Fitch has downgraded the COP (Certificates of Participation) bonds of the district and the reasons it did so. Fitch is taking this very significant action because of the weakened financial condition and political liabilities that the governor and legislature have heaped upon the district over the last year, and Fitch makes this extraordinarily clear.

If you’re interested in the restoration of The Everglades and how the district is financing its part in it, this will make for a fascinating read.    The report is detailed, easy to follow, comprehensive, obviously credible and even breathtaking when one realizes its significance.

I don't pretend to fully understand all the ramifications and consequences of this action, but I am smart enough to know that the restoration of the globally unique and signature characteristic of Florida, The Everglades, just got a lot more expensive. 

This, thanks to the unrelenting arrogance of CEO Rick Scott, Czar JD Alexander and a stable of legislator sheep who have lost their ability to think for themselves and do the right thing instead of self-serving political posturing.


  1. Remember the days when you thought I was the threat to the WMDs? I never would have even proposed doing what these Bozos are doing.

    Florida is in real trouble and the Republicans are leading the disaster. Money, and increased campaign contribution pools are what they are all about.

    Both parties are in need of a real shake up. Ds are inept and never learn from past mistakes, which leads to the Rs taking more and more.

    I have never seen things this bad.

    I will try and help any way I can.

  2. My favorite line " ... and a stable of legislator sheep."

    Thanks for continuing to tell it like it is. ...