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Tab 43 55 Water Street,38th Floor S&P Global Nev .2000York, 1-0003 te1212-438.2000 Ratings eference 1,)89268 July 9,2025 Assured Guaranty Inc. 1633 Broadway-24th Floor New York,NY 10019 Attention: Alfonso Pisani, Senior MD&Treasurer Re: $240,910,000 Miami Bench Redevelopment AgencP, Tn_r Increment Revenue Refiimling Bonds,Series 2025 (City Center/Historic Convention Village), dated:Date of Delivery, due: February 1, 2026-2044, (POLICY #224371-N) Dear Alfonso Pisani S&P Global Ratings has reviewed the rating on the above-referenced obligations. After such review, we have changed the rating from "A"to"AA" on the above obligations. The rating on the above obligations is based on the policy provided by your company. We may adjust the underlying rating and the capital charge as a result of changes in the financial position of the issuer or performance of the collateral, or of amendments to the documents governing the issue, as applicable. With respect to the latter, please notify us of any changes or amendments over the term of the debt. The credit ratings and other views of S&P Global Ratings are statements of opinion and not statements of fact. Credit ratings and other views of S&P Global Ratings are not recommendations to purchase, hold, or sell any securities and do not comment on market price, marketability, investor preference or suitability of any security. While S&P Global Ratings bases its credit ratings and other views on information provided by issuers and their agents and advisors, and other information from sources it believes to be reliable, S&P Global Ratings does not perform an audit, and undertakes no duty of due diligence or independent verification, of any information it receives. Such information and S&P Global Ratings' opinions should not be relied upon in making any investment decision. S&P Global Ratings does not act as a "fiduciary" or an investment advisor. S&P Global Ratings neither recommends nor will recommend how an issuer can or should achieve a particular credit rating outcome nor provides or will provide consulting, advisory, financial or structuring advice. S&P Global Ratings is pleased to have the opportunity to provide its rating opinion. For more information please visit our website at www.standardandpoors.com. If you have any questions, please contact us. Thank you for choosing S&P Global Ratings. Sincerely yours, S&P Global Ratings a division of Standard& Poor's Financial Services LLC sp S&P Global Ratings S&P Global Ratings Terms and Conditions Applicable To Public Finance Credit Ratings General. The credit ratings and other views of S&P Global Ratings are statements of opinion and not statements of fact. Credit ratings and other views of S&P Global Ratings are not recommendations to purchase, hold, or sell any securities and do not comment on market price, marketability, investor preference or suitability of any security. While S&P Global Ratings bases its credit ratings and other views on information provided by issuers and their agents and advisors, and other information fro►n sources it believes to be reliable, S&P Global Ratings does not perform an audit,and undertakes no duty of due diligence or independent verification,of any information it receives. Such information and S&P Global Ratings' opinions should not be relied upon in making any investment decision. S&P Global Ratings does not act as a"fiduciary" or an investment advisor. S&P Global Ratings neither recom►nends nor will recommend how an issuer can or should achieve a particular credit rating outcome nor provides or will provide consulting, advisory, financial or structuring advice. Unless otherwise indicated, the term "issuer" ►neans both the issuer and the obligor if the obligor is not the issuer. 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Pr Rvtings U.S. 55 Water Street,38th Floor S&P Global Now York, 41-0003 d tel 212 ,8-20008-2000 reference no.:1855974 Ratings June 4,2025 Miami Beach Redevelopment Agency 1700 Convention Center Dr, Miami,FL 33139 Attention:Jason Greene,Chief Financial Officer Re: US$243,960,000 Miami Beach Redevelopment Agency,Florida, Tax Increment Revenue Refunding Bonds, Series 2025,dated.July 10,2025,due.February 01,2044 Dear Jason Greene Pursuant to your request for an S&P Global Ratings rating on the above-referenced obligations,S&P Global Ratings has assigned a rating of"A".S&P Global Ratings views the outlook for this rating as stable.A copy of the rationale supporting the rating is enclosed. 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In the absence of such Engagement Letter and Terms and Conditions,the rating is subject to the attached Terms and Conditions.The applicable Terms and Conditions are incorporated herein by reference. S&P Global Ratings is pleased to have the opportunity to provide its rating opinion.For more information please visit our website at www.standardand,oors.com.If you have any questions,please contact us.Thank you for choosing S&P Global Ratings. Sincerely yours, S&P Global Ratings a division of Standard&Poor's Financial Services LLC vs enclosures cc: Mara Lugo,Senior Managing Consultant PFM Financial Advisors LLC PF RaLings U.S. I:. i "J, I I S&P Global Ratings S&P Global Ratings Terms and Conditions Applicable To Public Finance Credit Ratings General. The credit ratings and other views of S&P Global Ratings are statements of opinion and not statements of fact.Credit ratings and other views of S&P Global Ratings are not recommendations to purchase, hold, or sell any securities and do not comment on market price, marketability, investor preference or suitability of any security. While S&P Global Ratings bases its credit ratings and other views on information provided by issuers and their agents and advisors, and other information from sources it believes to be reliable, S&P Global Ratings does not perform an audit,and undertakes no duty of due diligence or independent verification,of any information it receives. Such information and S&P Global Ratings'opinions should not be relied upon in making any investment decision. S&P Global Ratings does not act as a"fiduciary"or an investment advisor.S&P Global Ratings neither recommends nor will recommend how an issuer can or should achieve a particular credit rating outcome nor provides or will provide consulting, advisory, financial or structuring advice. Unless otherwise indicated, the term "issuer" means both the issuer and the obligor if the obligor is not the issuer. All Credit Rating,Actions in S&P Global Ratings' Sole Discretion. S&P Global Ratings may assign, raise, lower, suspend,place on CreditWatch,or withdraw a credit rating, and assign or revise an Outlook, at any time, in S&P Global Ratings' sole discretion. S&P Global Ratings may take any of the foregoing actions notwithstanding any request for a confidential or private credit rating or a withdrawal of a credit rating,or termination of a credit rating engagement.S&P Global Ratings will not convert a public credit rating to a confidential or private credit rating,or a private credit rating to a confidential credit rating. Publication. S&P Global Ratings reserves the right to use,publish, disseminate,or license others to use,publish or disseminate a credit rating and any related analytical reports, including the rationale for the credit rating, unless the issuer specifically requests in connection with the initial credit rating that the credit rating be assigned and maintained on a confidential or private basis.If,however,a confidential or private credit rating or the existence of a confidential or private credit rating subsequently becomes public through disclosure other than by an act of S&P Global Ratings or its affiliates, S&P Global Ratings reserves the right to treat the credit rating as a public credit rating, including, without limitation, publishing the credit rating and any related analytical reports. Any analytical reports published by S&P Global Ratings are not issued by or on behalf of the issuer or at the issuer's request. S&P Global Ratings reserves the right to use, publish, disseminate or license others to use, publish or disseminate analytical reports with respect to public credit ratings that have been withdrawn, regardless of the reason for such withdrawal.S&P Global Ratings may publish explanations of S&P Global Ratings'credit ratings criteria from time to time and S&P Global Ratings may modify or refine its credit ratings criteria at any time as S&P Global Ratings deems appropriate. Reliance on Information. S&P Global Ratings relies on issuers and their agents and advisors for the accuracy and completeness of the information submitted in connection with credit ratings and the surveillance of credit ratings including,without limitation, information on material changes to information previously provided by issuers, their agents or advisors. 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S&P Global Ratings has not consented to and will not consent to being named an "expert" or any similar designation under any applicable securities laws or other regulatory guidance,rules or recommendations,including without limitation,Section 7 of the U.S.Securities Act of 1933.S&P Global Ratings has not performed and will not perform the role or tasks associated with an"underwriter"or"seller"under the United States federal securities laws or other regulatory guidance,rules or recommendations in connection with a credit rating engagement. Disclaimer of Liability. S&P Global Ratings does not and cannot guarantee the accuracy, completeness, or timeliness of the information relied on in connection with a credit rating or the results obtained from the use of such information.S&P GLOBAL RATINGS GIVES NO EXPRESS OR IMPLIED WARRANTIES,INCLUDING,BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. S&P Global Ratings, its affiliates or third party providers,or any of their officers,directors, shareholders,employees or agents shall not be liable to any person for any inaccuracies,errors,or omissions,in each case regardless of cause, actions, damages (consequential, special, indirect, incidental, punitive, compensatory, exemplary or otherwise),claims,liabilities,costs, expenses, legal fees or losses(including, without limitation, lost income or lost profits and opportunity costs) in any way arising out of or relating to a credit rating or the related analytic services even if advised of the possibility of such damages or other amounts. VF FaLings U.S. I r No Third Party Beneficiaries.Nothing in any credit rating engagement,or a credit rating when issued,is intended or should be construed as creating any rights on behalf of any third parties,including, without limitation,any recipient of a credit rating. No person is intended as a third party beneficiary of any credit rating engagement or of a credit rating when issued. PF Ratings U.S. O..IM 1 6) Page i 9 MOODY'S RATINGS Rating Action: Moody's Ratings assigns Al to Miami Beach RDA, FL's TIF bonds 05 Jun 2025 New York,June 05, 2025 --Moody's Ratings (Moody's) has assigned an Al rating to Miami Beach Redevelopment Agency, FL's Tax Increment Revenue Refunding Bonds, Series 2025 (City Center/Historic Convention Village)with an estimated par amount of$243 million. Concurrently, we have affirmed the Al rating on the RDA's outstanding TIF bonds. Post-refunding, there will be approximately$243 million in debt outstanding. RATINGS RATIONALE The Al reflects the mature nature of the tax increment district, which encompasses the Art Deco neighborhood and Lincoln Road shopping areas in downtown Miami Beach. Maximum annual debt service (MADS) coverage has hovered around 2.5x for the last five years although post- refunding fiscal 2024 revenues will provide 2.9x coverage to projected MADS. Incremental AV remains strong, although it is just shy of its 2020 peak.The district has some concentration,with the top ten taxpayers accounting for 2 1%of revenues. Management has no plans for additional debt. RATING OUTLOOK We do not typically assign outlooks to local government issuers with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS - Significant increase in debt service coverage - Substantial increase in assessed value FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -Coverage reduced below 2x - Significant declines in incremental AV PROFILE Miami Beach is located entirely on the barrier island across Biscayne Bay from the City of Miami. The Miami Beach RDA area was created in 1993 and consists of 332 acres from 24th Street south to 14th Lane and West Avenue east to the Atlantic Ocean.The Area was created to rehabilitate and redevelopment properties within the area. METHODOLOGY The principal methodology used in these ratings was Tax Increment Debt Methodology published in September 2022 and available at https:lgratings.moodys.co rmc-documents/393335. Alternatively, please see the Rating Methodologies page on https:j ratings.moodys.com for a copy of this methodology. REGULATORY DISCLOSURES For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https:/Iratings.moodys.com/rating- definitions. 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