S&P Global Ratings assigned its 'AA+' long-term rating to Sarasota County , Fla.'s $32.25 million series 2026 utility system revenue refunding bonds. The outlook is stable. The bonds are secured by a pledge of the net revenues of the water and wastewater system. Additional security is provided by a senior lien and pledge of legally available impact fees. Bond proceeds will refund the series 2016B. We believe bond provisions overall are neutral, including the absence of a debt service reserve, given the system's financial strength. Our rating on the utility system is supported by the following credit factors: Wealth and income levels are above the national average and population growth is strong. Utility rates are affordable, in our view. Management
