S&P Global Ratings assigned its 'AA' long-term rating to Ocean City, N.J.'s series 2016 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AA' rating on the city's existing GO debt. The outlook is stable. The city's full faith and GO credit pledge secures the bonds. We understand proceeds from this issue will permanently finance Ocean City's bond anticipation notes maturing Dec. 2, 2016, and Jan. 6, 2017. In our opinion, the rating reflects the city's: Strong economy, with projected per capita effective buying income at 153% and market value per capita of $1.1 million, although a high county unemployment rate exceeding 10% limits this slightly; Strong management, with good financial policies and practices under our
