Standard&Poor's Ratings Services assigned its 'AA' rating and stable outlook to Ocean City, N.J.'s series 2012 general obligation (GO) improvement bonds and affirmed its 'AA' rating, with a stable outlook, on the city's existing GO debt. The rating reflects our opinion of the city's: Sizable property tax base and strong income, Strong finances, and History of maintaining strong and level fund balance. We believe the city's tourism-based local economy, what we consider high unemployment, and potential long-term effects of Hurricane Sandy somewhat mitigate these strengths. The bonds are a GO of the city, secured by its full-faith-and-credit pledge. We understand officials plan to use bond proceeds to retire bond anticipation notes maturing March 8, 2013, and June 21,
