Sarasota County, FL Bond Rating Raised To 'AAA' On Criteria Application

NEW YORK (S&P Global Ratings) Feb. 20, 2019--S&P Global Ratings raised its long-term rating to 'AAA' from 'AA+' on Sarasota County, Fla.'s series 2005 limited ad valorem tax bonds. At the same time, we affirmed our 'AAA' issuer credit rating (ICR) on the county. The rating action reflects the application of our criteria, titled "Issue Credit Ratings Linked To U.S. Public Finance Obligors? Creditworthiness" (published Jan. 22, 2018, on RatingsDirect). Despite limitations imposed by the commonwealth levy limit law, we do not make a rating distinction between the limited-tax GO pledge and Sarasota County's general creditworthiness because the tax limitation imposed on the county's ability to raise revenue is already embedded in our analysis of its financial and economic conditions.

...NEW YORK (S&P Global Ratings) Feb. 20, 2019--S&P Global Ratings raised its long-term rating to '###' from '##+' on Sarasota County, Fla.'s series 2005 limited ad valorem tax bonds. At the same time, we affirmed our '###' issuer credit rating (ICR) on the county. The rating action reflects the application of our criteria, titled "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" (published Jan. 22, 2018, on RatingsDirect). Despite limitations imposed by the commonwealth levy limit law, we do not make a rating distinction between the limited-tax GO pledge and Sarasota County's general creditworthiness because the tax limitation imposed on the county's ability to raise revenue is already embedded in our analysis of its financial and economic conditions. In addition, the ad valorem tax is not derived from a measurably narrower tax base and there are no limitations on the fungibility of resources, supporting our view of its overall ability and willingness to pay...

Ratings Action