Miami-Dade Credit Standing ‘at Stake’ in Transit Probe

Miami-Dade County, Florida’s largest public borrower, may find its credit standing “at stake” because of a federal probe of accounting practices that froze $180 million of transit funds, a local official said.

The Federal Transit Administration, which oversees $10 billion of U.S. funds for local transportation, suspended grants to the county last month after an audit uncovered “serious accounting deficiencies,” Brian Farber, the agency’s associate administrator, said in a statement. “Extensive corrective actions” will be necessary to reverse the freeze, he said.