S&P Global Ratings assigned its 'AA' long-term rating to Oceanside, Calif.'s 2019A lease revenue bonds (LRBs). In addition, S&P Global Ratings affirmed its 'AA+' issuer credit rating (ICR) on the city, as well as its 'AA+' long-term rating on the city's outstanding pension obligation refunding bonds (POBs) and its 'AA' long-term rating on the city's outstanding LRBs. The outlook is stable. The city's series 2019A and outstanding LRBs are secured by lease rental payments made by the city of Oceanside, as lessee, to the Oceanside Public Financing Authority, as lessor. We rate this obligation one notch lower than the city ICR to account for the appropriation risk associated with the lease payments. The city has pledged its best efforts to
