S&P Global Ratings assigned its ‘AA+’ long-term rating to Martin County , Florida's anticipated $52.685 million series 2026A utility system revenue bonds. At the same time, S&P Global Ratings affirmed its ‘AA+’ long-term rating on the county’s utility system revenue bonds outstanding. The outlook is stable. The series 2026A bonds and the utility system’s parity bonds outstanding are secured by the net revenues of the county's water and wastewater system. Bond provisions are credit-neutral, in our opinion, 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 about $54.4 million of revenue debt outstanding as of fiscal
