...The 'AA+' rating on the public improvement revenue refunding bonds reflects Fitch's expectation for strong pledged revenue growth prospects and the structure's solid resilience when viewed in the context of historical revenue declines and the sensitivity of pledged revenues to a moderate 1% U.S. GDP decline scenario. The rating also considers continued sound pledged revenue coverage and assumption that the county will not fully leverage pledged revenues to the 1.35x additional bonds test (ABT), as it relies on surplus revenues for operations. The rating on the bonds is capped by the lower of Sarasota County's Issuer Default Rating (IDR) of 'AAA' or one notch below the state's IDR of 'AAA', reflecting the reliance on state distribution of pledged revenue for bond repayment. Economic Resource Base: Sarasota County is located in southwest Florida along the Gulf of Mexico, about 50 miles south of Tampa. The county includes the cities of Sarasota, Venice and North Port, and the town of Longboat...
