Sarasota County, FL 2002, 2004, 2008 'A-' Bond Ratings Placed On Watch Pos Pending Criteria-Based Review

CENTENNIAL (Standard&Poor's) April 27, 2016--Standard&Poor's Ratings Services placed its 'A-' rating on Sarasota County, Fla.'s series 2002, 2004, and 2008 limited ad valorem tax bonds on CreditWatch with positive implications following the discovery of an error in the application of its criteria. "The CreditWatch placement reflects our view that there is at least a one-in-two likelihood that we will raise the rating on the bonds within the next 90 days," said Standard&Poor's credit analyst Randy Layman. At issuance and in subsequent reviews, we applied our "Special Tax Bonds" criteria, published on June 13, 2007. During our most recent review of these ratings, we determined that the revenues pledged as security for the bonds are

...CENTENNIAL (Standard & Poor's) April 27, 2016--Standard & Poor's Ratings Services placed its 'A-' rating on Sarasota County, Fla.'s series 2002, 2004, and 2008 limited ad valorem tax bonds on CreditWatch with positive implications following the discovery of an error in the application of its criteria. "The CreditWatch placement reflects our view that there is at least a one-in-two likelihood that we will raise the rating on the bonds within the next 90 days," said Standard & Poor's credit analyst Randy Layman. At issuance and in subsequent reviews, we applied our "Special Tax Bonds" criteria, published on June 13, 2007. During our most recent review of these ratings, we determined that the revenues pledged as security for the bonds are not a special tax as described in the Special Tax criteria and therefore that criteria do not apply and the bonds should instead be analyzed under our "Local Government GO Ratings Methodology And Assumptions" criteria, published Sept. 9, 2013, and our "Limited-Tax...

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