...S&P Global Ratings assigned its '##' rating to Sarasota County, Fla.'s series 2018 infrastructure sales surtax revenue refunding bonds outstanding. At the same time, S&P Global Ratings affirmed its '##' rating on the county's parity infrastructure sales surtax revenue bonds outstanding. The outlook on all ratings is stable. A one-cent, electorate-approved, infrastructure sales surtax secures the bonds. Officials plan to use series 2018 bond proceeds to refund commercial paper notes outstanding. The county does not maintain a debt service reserve for the series 2018 bonds or the parity bonds outstanding. The rating reflects our opinion of Sarasota County's: + Strong and diverse local economy, which we believe has stabilized after several years of contraction during the Great Recession; + Strong annual debt service coverage (DSC) and maximum annual debt service (MADS) coverage from pledged revenue, with potential for additional debt plans; and + Adequate bond provisions with a 1.35x MADS...
