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FITCH RATINGS_ �-� � � _. � � �..�_ . _ .� � Ctii.. .,�a:��- t>t r t, u`I�iya i � �.. ., .' �'�. ,`5 F'I (i;tf I�Ir'�J �,`C;rk; i\Y � t'�)i?.4 r '=1CI�� i��,��..con� June 30, 2011 Ms. Margarefi Simmons Finance Administrator Clearwafer 100 S. Myrtle Ave. Clearwater, FL 33756 Dear Ms. Simmons: Fitch Ratings has assigned one or more ratings and/or 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 requiremen4s and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nafiure 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 particular 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 snhanced 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, incivaing independeni auai4nrs with respect ia iir�anciai staierrtcnis ar� attorneys �vith �espeet to legal ard tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions abau4 future events that by their nature cannot be verified as facts. As a result, 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. Fifich seeks to continuously improve its ratings criteria and methodologies, and periodically updates Yhe 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 acfion 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 shouid always consult the applicabie 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, seli, 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 paymen4s 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 repiacement 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 fhe 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 fo 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 limi4 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 opporfunity to be of service 4o you. If we can be of further assistance, please feel free to contact us at any time. Sincerely, �y � s � � �' � , .. � �-� ��. � �..0 ;;t ���Karen Krop � Senior Director U.S. Public Finance KK/jh Enc: Notice of Rating Action (Doc ID: 161291) ' ' � , �� _.� i �� 'b, � ; y ' OU4lOOk/ Bond Description Rating Type Actian Rating 1Natch Eff Date Flotes Clearwater (FL) wtr & swr rev rfdg bonds ser 2011 Long Term New Rating AA- RO:Sta 27-Jun-2011 Ciearwater (FL) outstanding wtr & swr rev bonds Long Term Affirmed AA- RO:Sta 27-Jun-2011 Key: RO: Rating Outlook, RW: Rating Watch; Pos: Positive, Neg: Negative, Sta: Stable, Evo: Evolving (Doc ID: 161291) Page 1 of 1