S&P Global Ratings raised its long-term rating on Martin County, Fla.'s series 2016 utilities system refunding revenue bonds to 'AA+' from 'AA'. The outlook is stable. The upgrade reflects the continued growth in the area, customer base, and economic metrics coupled with historical exceptionally strong coverage and cash levels, which are expected to be maintained as the county moves forward with its current capital plan. The bonds are secured by the net revenues of the county's water and wastewater system. Bond provisions are, in our opinion, credit neutral with a rate covenant designed to generate 1.20x annual debt service and an additional bonds test of 1.25x maximum annual debt service. There is no debt service reserve fund established. The system
