S&P Global Ratings affirmed its 'AA-' long-term rating on Sarasota County, Fla.'s communication services tax (CST) revenue bonds. The outlook is stable. The rating reflects our view of the county's: Moderately strong maximum annual debt service (MADS) coverage based on 2016 pledged revenue, Strong broad and growing economy, and Ability to modestly raise the tax rate to the maximum permitted by the state. Partly offsetting the above strengths, in our view, is the county's comparatively narrow pledged revenue stream, which has been flat or modestly declining for the past 10 years. A first lien on CST revenue secures the bonds. Sarasota County's 2010 bonds are Build America Bonds. We understand that the county budgets for each debt service payment in
