...S&P Global Ratings assigned its '##' long-term rating to Ocean City, N.J.'s 2019 $85.0 million general improvement bonds. At the same time, we affirmed the city's '##' rated general obligation (GO) debt outstanding. The outlook for all ratings is stable. The city's full-faith-and-credit pledge, payable from ad valorem property taxes levied on all taxable property within the city--without limitation as to rate or amount--secures the series 2019 bonds and its outstanding GO debt. The bond proceeds will permanently finance $74 million in bond anticipation notes (BANs) as well as fund $11 million in new capital improvements. The long-term rating reflects our view of growth in the city's very strong wealth and income indicators and substantial taxable base, which we believe alleviates the potential risks of a tourism-based economy and a higher unemployment rate relative to the state and the nation. We believe the very strong management team, which regularly reviews its financial forecast and...
