Summary: Ocean City, New Jersey; General Obligation; Note

S&P Global Ratings assigned its 'SP-1+' short-term rating to Ocean City, N.J.'s series 2018 general obligation (GO) bond anticipation notes (BANs). At the same time, S&P Global Ratings affirmed its 'AA' rating on the city's existing GO debt. The outlook is stable. The short-term BAN rating reflects our high investment-grade long-term rating and low market risk profile. In our view, and pursuant to our BAN criteria, we have assessed the city's market risk as low because of its adequate-to-strong market access, information availability, and take-out authorization. Note proceeds refunded BANs maturing on June 14, 2018, and will fund various capital projects in the city. The city's full faith and credit pledge and its agreement to levy ad valorem property taxes

...S&P Global Ratings assigned its 'SP-1+' short-term rating to Ocean City, N.J.'s series 2018 general obligation (GO) bond anticipation notes (BANs). At the same time, S&P Global Ratings affirmed its '##' rating on the city's existing GO debt. The outlook is stable. The short-term BAN rating reflects our high investment-grade long-term rating and low market risk profile. In our view, and pursuant to our BAN criteria, we have assessed the city's market risk as low because of its adequate-to-strong market access, information availability, and take-out authorization. Note proceeds refunded BANs maturing on June 14, 2018, and will fund various capital projects in the city. The city's full faith and credit pledge and its agreement to levy ad valorem property taxes without limitation as to rate or amount secure its GO bonds. In our opinion, the long-term rating reflects the city's: + Very strong economy, with projected per capita effective buying income at 162% of the national level and market...

Summary