Summary: Sarasota County, Florida; General Obligation; Miscellaneous Tax; Sales Tax

S&P Global Ratings raised its long-term rating to 'AAA' from 'AA+' on Sarasota County, Fla.'s series 2005 limited ad valorem tax bonds. At the same time, we affirmed our 'AAA' issuer credit rating (ICR) on the county. The rating action reflects the application of our criteria, titled "Issue Credit Ratings Linked To U.S. Public Finance Obligors? Creditworthiness" (published Jan. 22, 2018, on RatingsDirect). Despite locally imposed property tax limitations, we do not make a rating distinction between the limited-tax GO pledge and Sarasota County's general creditworthiness because the tax limitation imposed on the county's ability to raise revenue is already embedded in our analysis of its financial and economic conditions. In addition, the ad valorem tax is not derived from

...S&P Global Ratings raised its long-term rating to '###' from '##+' on Sarasota County, Fla.'s series 2005 limited ad valorem tax bonds. At the same time, we affirmed our '###' issuer credit rating (ICR) on the county. The rating action reflects the application of our criteria, titled "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" (published Jan. 22, 2018, on RatingsDirect). Despite locally imposed property tax limitations, we do not make a rating distinction between the limited-tax GO pledge and Sarasota County's general creditworthiness because the tax limitation imposed on the county's ability to raise revenue is already embedded in our analysis of its financial and economic conditions. In addition, the ad valorem tax is not derived from a measurably narrower tax base and there are no limitations on the fungibility of resources, supporting our view of its overall ability and willingness to pay debt service. The series 2005 bonds are secured by a pledge...

Summary