Standard&Poor's Ratings Services has raised its long-term rating on the City of Ocean City, N.J.'s general obligation (GO) bonds to 'AA' from 'A' and reinstated its 'AA' underlying rating (SPUR) on the bonds to reflect the credit quality of the issuer. Standard&Poor's has also assigned its 'AA' long-term rating to the city's 2010 GO general improvement bonds. The ratings reflect our view of the city's: Sizable tax base and strong income levels, Limited reliance on state aid, and History of maintaining strong and level fund balance. The city's full faith and credit pledge secures the bonds. We understand that the bond proceeds will be used to refund $6 million of bond anticipation notes (BANs), maturing Aug.
