Sarasota County, FL Bond Rating Raised To 'AA+' On Criteria-Based Reclassification; Removed From Watch

CENTENNIAL (S&P Global Ratings) July 1, 2016--S&P Global Ratings raised its long-term rating rating to 'AA+' from 'A-' on Sarasota County, Fla.'s 2005 and 2008 limited ad valorem tax bonds and removed the rating from CreditWatch, where it been placed with positive implications on April 28, 2016. At the same time, S&P Global Ratings affirmed its 'AAA' issuer credit rating (ICR) on the county. The outlook is stable. The rating action reflects our reclassification of these bonds under our Limited GO Debt Criteria published Jan. 10, 2002 on RatingsDirect. The bonds are secured by a pledge of ad valorem taxes on taxable property in the county up to 0.25 mills. It is our understanding that the county is levying the

...CENTENNIAL (S&P Global Ratings) July 1, 2016--S&P Global Ratings raised its long-term rating rating to '##+' from 'A-' on Sarasota County, Fla.'s 2005 and 2008 limited ad valorem tax bonds and removed the rating from CreditWatch, where it been placed with positive implications on April 28, 2016. At the same time, S&P Global Ratings affirmed its '###' issuer credit rating (ICR) on the county. The outlook is stable. The rating action reflects our reclassification of these bonds under our Limited GO Debt Criteria published Jan. 10, 2002 on RatingsDirect. The bonds are secured by a pledge of ad valorem taxes on taxable property in the county up to 0.25 mills. It is our understanding that the county is levying the full 0.25 mills authorized under its Environmentally Sensitive Lands Protection and Parklands Program. "The criteria reclassification is supported by the statement of intent in the bonds' resolution indicating that the county will take additional measures to make timely debt service...

Ratings Action