The 'A+' Standard&Poor's underlying rating (SPUR) on Ocean City, N.J.'s outstanding GO bonds reflects: The city's status as resort community with a tourism-based economy, Above-average wealth levels on a per capita basis, Above-average retail sales that continue to outpace state and national growth rates, Historically sound financial performance and position, and A low-to-moderate debt burden with a limited and manageable capital improvement plan (CIP). These factors are partly mitigated by the primarily seasonal tourism-based local economy. The bonds are secured by the city's full faith and credit GO pledge. Ocean City (estimated population 16,000) is a primarily residential community in Cape May County near the southern tip of New Jersey's Atlantic coastline. Tourism is Ocean City's dominant industry,
