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 $45 million series 2023 bond anticipation notes (BANs) maturing Oct. 16, 2024. At the same time, S&P Global Ratings affirmed its outstanding 'SP-1+' short-term rating and 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 the notes and existing GO debt. 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. Note

...Most recent Historical information 2022 2021 2020 Direct debt 10-year amortization (%) 66 Required pension contribution % of governmental fund expenditures 6.7 OPEB actual contribution % of governmental fund expenditures 0.0 Strong institutional framework EBI--Effective buying income. OPEB--Other postemployment benefits. Data points and ratios may reflect analytical adjustments....

Summary