...S&P Global Ratings assigned its '##+' long-term rating to Sarasota County, Fla.'s upcoming approximately $105 million Water Infrastructure Finance and Innovation Act (WIFIA) loan. At the same time, we affirmed our '##+' long-term rating and underlying rating (SPUR) on the county's outstanding utility system revenue bonds. The outlook is stable. The bonds are secured by a pledge of the net revenues of the water and wastewater system. Additional security is also provided by a senior lien and pledge of legally available impact fees. Bond provisions within the bond resolution are adequate, providing for a rate covenant with a required minimum coverage of 1.0x annual debt service, and 1.2x annual debt service including impact fees. Since 2016, the county has not funded a debt service reserve when issuing bonds. Given the system's financial strength, this does not introduce any credit concerns. The WIFIA loan will fund capital projects at the Bee Ridge Water Reuse Treatment facility....
