Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to Ocean City, N.J.'s series 2010 general obligation (GO) improvement refunding bonds and affirmed its 'AA' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's existing GO debt. The rating reflects our view of the city's: Sizable property tax base and strong income levels, Limited reliance on state aid, and History of maintaining strong and level fund balance. 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 refund the city's series 2001 bonds outstanding, generating more than $300,000 of net present value savings. Ocean City, with a
