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 2018A and series 2018B general obligation (GO) bond anticipation notes (BANs), and it affirmed the 'SP-1+' rating on the city BANs outstanding, which mature June 14, 2019. At the same time, S&P Global Ratings affirmed its 'AA' rating on the city's outstanding GO debt. The outlook on the long-term rating 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 2018 notes and its outstanding GO debt. The short-term rating on the notes reflects our criteria for evaluating and rating BANs. In our view, Ocean City maintains a very

...S&P Global Ratings assigned its 'SP-1+' short-term rating to Ocean City, N.J.'s series 2018A and series 2018B general obligation (GO) bond anticipation notes (BANs), and it affirmed the 'SP-1+' rating on the city BANs outstanding, which mature June 14, 2019. At the same time, S&P Global Ratings affirmed its '##' rating on the city's outstanding GO debt. The outlook on the long-term rating 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 2018 notes and its outstanding GO debt. The short-term rating on the notes reflects our criteria for evaluating and rating BANs. In our view, Ocean City maintains a very strong capacity to pay principal and interest when the notes come due. We view the city's market risk profile as high--more than half of its total direct debt is held as notes--but the town commonly uses short-term debt as a primary financing...

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