Fitch gives AA- to Florida Hurricane bonds

Fitch Ratings said it assigned an AA- rating to Florida Hurricane Catastrophe Fund Finance Corp.'s $625 million series 2008A revenues bonds.

Fitch also affirmed the AA- rating on FHCF Finance Corp.'s outstanding 2006A bonds and 2007A floating-rate notes, as well as the AA-/F1+ rating on its outstanding 2006B extendible floating-rate notes. The outlook is stable.

The series 2008A bonds are being issued on a tax-exempt basis to reimburse insurers for additional loss development incurred during the 2005 hurricane season. The bonds are issued on parity with the 2006A, 2006B and 2007A securities, and are secured by emergency assessments and earnings thereon, reimbursement premiums and earnings thereon, and investment earnings on proceeds of parity obligations, including the 2008A bonds. The 2008A bonds are also secured by the 2008A net proceeds, prior to being spent.

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