S&P Global Ratings affirmed its ?AA+? long-term rating on Martin County, Fla.'s series 2016 utilities system refunding revenue bonds. The outlook is stable. The bonds are secured by the net revenues of the county's water and wastewater system. Bond provisions are, in our opinion, credit-neutral, with a rate covenant designed to generate 1.20x annual debt service and an additional bonds test of 1.25x maximum annual debt service. There is no debt service reserve fund established. The system has roughly $54.3 million of revenue debt outstanding. The rating is supported by slow, yet steady, customer growth in a service area that has experienced sustained improvement in economic metrics, coupled with still-ample capacity and affordable rates compared with those of surrounding systems.
