...March 1, 2024 NEW YORK (S&P Global Ratings) March 1, 2024--S&P Global Ratings assigned its '##-' rating to Sarasota County, Fla.'s approximately $14.540 million series 2024A tourist development tax (TDT) revenue bonds. The outlook is stable. Securing the bonds is 70% of revenues received by the county from the TDT that are legally available to pay principal, premium if any and interest on the 2024 bonds. Bond proceeds will be used to fund the construction of a Science Education Aquarium in partnership with Mote Marine Laboratory Inc. "Sarasota County's pledged TDT revenues have demonstrated steady growth until a minor disruption in fiscal 2020 due to the pandemic," said S&P Global Ratings credit analyst Krystal Tena. "However, in the following years beginning fiscal 2021, TDT revenues rebounded strongly, increasing by a cumulative 34% over the last three fiscal years." Fiscal 2023 TDT revenues were particularly robust due to Hurricane Ian hitting the region, though not Sarasota County,...
