FITCH RATINGS3
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October 15, 2014
Ms. Margaret Simmons
Finance Administrator
Clearwater
100 S_ Myrtle Ave.
Clearwater, FL 33756
Dear Ms. Simmons
Fitch Ratings has assigned one or more ratings andlor otherwise taken rating action(s), as detailed on the attached
Notice of Rating Action.
In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and
from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information
relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information
from independent sources, to the extent such sources are available for a given security or in a given jurisdiction.
The manner of Fitch's factual investigation and the scope of the third-party verification it obtains will vary depending
on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated
security is offered and sold andlor the issuer is located, the availability and nature of relevant public information,
access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such
as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions
and other reports provided by third parties, the availability of independent and competent third-party verification
sources with respect to the parti cular security or in the particular jurisdiction of the issuer, and a variety of other
factors.
Users of Fitch's ratings should understand that neither an enhanced factual investigation nor any third-party
verification can ensure that all of the information Fitch relies on in connection with a rating will be accurate and
complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to
Fitch and to the market in offering documents and other reports. In issuing its ratings Fitch must rely on the work of
experts, including independent auditors with respect to financial statements and attomeys with respect to legal and
tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future
events that by their nature cannot be verified as facts. As a resu it, despite any verification of current facts, ratings
can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed.
Fitch seeks to continuously improve its ratings criteria and methodologies, and periodically updates the descriptions
on its website of its criteria and methodologies for securities of a given type. The criteria.and methodology used to
determine a rating action are those in effect at the time the rating action is taken, which is the date of the related
rating action commentary. Each rating action commentary provides information about the criteria and methodology
used to arrive at the stated rating, which may differ from the general criteria and methodology for the applicable
security type posted on the website at a given time. For this reason, you should always consult the applicable rating
action commentary for the most accurate information on the basis of any given rating.
Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make
or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan
or security or any issuer. Ratings do not comment on the adequacy of market price, the suitability of any investment,
loan or security for a particular investor [including without limitation, any accounting and/or regulatory treatment}, or
the tax-exempt nature or taxability of payments made in respect of any investment, loan or security. Fitch is not your
advisor, nor is Fitch providing to you or any other party any financial: advice, or any legal, auditing, accounting,
appraisal, valuation or actuarial services. A rating should not be viewed as a replacement for such advice or
services.
The assignment of a rating by Fitch does not constitute consent by Fitch to the use of its name as an expert in
connection with any registration statement or other filings under US, UK or any other relevant securities laws.
It is important that you promptly provide us with all information that may be material to the ratings so that our ratings
continue to be appropriate. Ratings may be raised, lowered, withdrawn, or placed on Rating Watch due to changes
in, additions to, accuracy of or the inadequacy of information or for any other reason Fitch deems sufficient.
Nothing in this letter is intended to or should be.construed as creating a fiduciary relationship between Fitch and you
or between us and any user of the ratings. Nothing in this letter shall limit our right to publish, disseminate or license
others to publish or otherwise to disseminate the ratings or the rationale for the ratings.
In this letter, "Fitch" means Fitch, Inc. and Fitch Ratings Ltd and any subsidiary of either of them together with any
successor in interest to any such person.
We are pleased to have had the opportunity to be of service to you_ If we can be of further assistance, please feel
free to contact us at any time.
Sincerely,
A
J
Ken Weinstein
Senior Director
U.S. Public Finance
KWIjh
Enc: Notice of Rating Action
(Doc ID: 151810 Rev 1)
Notice of Rating Action
Cutlooki
Bond Description Rating Type Action Rating Watch Lff Date Notes
Clearwater (FL) wtr & swr rev rfdg bands ser 2010 Long Term New Rating AA- RO:Sta 15-Oct-2010
Clearwater {FL) wtr & swr rev bonds ser 2002 (insured Long Term Affirmed AA- RO:Sta 15-Oct-2010
Financial Guaranty Insurance Company)
Clearwater (FL) wtr & swr rev bonds ser 2006 {insured: Long Term Affirmed AA- RO:Sta 15-Oct-2010
Asswed Guaranty Municipal Corp.)
Clearwater (FL) wtr & swr rev bonds ser 2009A Long Term Affirmed AA- RO:Sta 15-Oct-2010
Clearwater (FL) wtr & swr rev rrdg bonds ser 2003 Long Term Affirmed AA- RO:Sta 15-Oct-2010
(insured. Assured Guaranty Municipal Corp-)
Clearwater (FL) wtr & swr rev rfdg bonds ser 20096 Long Term Affirmed AA- RO:Sta 15-Oct-2010
Key: RO: Rating Outlook, RW: Rating Watch; Pos: Positive, Nag: Negative, Sta: Stable, Evo: Evolving
(Doc !D: 151810 Rev 1) Page 1 of 1