S&P Global Ratings assigned its 'AA+' rating to St. Johns County, Fla.'s approximately $51.46 million series 2025 special obligation refunding revenue bonds, based on the application of its criteria, "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. At the same time, we affirmed our 'AA+' issuer credit rating (ICR) on St. Johns County and our 'AA+' rating on its special obligation bonds outstanding. The outlook is stable. St. Johns County's special obligation bonds are secured by a covenant to budget and appropriate from nonad valorem revenue, amounts sufficient to pay debt service. We do not differentiate between the nonad valorem pledge and the county's general creditworthiness, as we view the nonad valorem pledge as a general operating
