S&P Global Ratings assigned its 'SP-1+' short-term rating to Ocean City, N.J.'s $20 million series 2022 bond anticipation notes (BANs). S&P Global Ratings also affirmed its 'AA' long-term rating on the city's existing general obligation (GO) debt. The outlook on the long-term rating is stable. The city's full-faith-and-credit GO pledge secures its bonds and BANs. The short-term rating reflects our opinion of the city's general creditworthiness and market-risk profile, which we consider low. The low market-risk profile reflects our view of the city's strong legal authority to issue long-term debt to take out the notes, as well as its ongoing disclosure to market participants. The 2022 BAN proceeds will be used for a $6.5 million land acquisition and various other
