S&P Global Ratings assigned its 'AA' rating and stable outlook to Ocean City, N.J.'s roughly $44.05 million series 2020A general improvement bonds and roughly $6.65 million series 2020B general obligation (GO) housing bonds and affirmed its 'AA' rating, with a stable outlook, on Ocean City's GO debt. 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 2020 bonds and existing GO debt. Officials intend to use series 2020A and 2020B bond proceeds to finance $15 million of bond anticipation notes permanently and the remainder to fund new capital projects, including a housing project. The rating reflects our view of growth in the city's
