Sun Subscriber Website Login

Please wait....

News Story
Updated: 03/13/2014 05:35:00PM

County bond rating gets upgrade

Share this story:


Text Size:

SARASOTA COUNTY — Thanks to an increase in taxable property values, Standard & Poor’s Ratings Services has raised its long-term rating on Sarasota County’s limited ad valorem tax bonds to A- from BBB+.

The rating reflects the company’s opinion of evidence of some tax-base stabilization, with values increasing 4.1 percent in fiscal 2014; stronger annual debt-service coverage in fiscal 2013; a revised debt-service schedule following a 2011 defeasance — a provision that voids a bond or loan when the borrower sets aside cash or bonds sufficient enough to service the borrower’s debt — with lower payments through 2019; the county’s demonstrated willingness to step in when coverage falls to low levels to ensure that debt service on the bonds is paid from lawfully available funds.

You are currently not logged in
By logging in you can see the full story.

Subscribe to 
							the E-Edition
Get the Sun Delivered