Standard & Poor's Ratings Services said it raised its underlying rating to A-plus from A on Monroe County School Board, Fla.'s series 2005 sales surtax revenue bonds.
The outlook is stable.
"The raised rating reflects our view of the improvement in the county's economy, which has boosted the performance of the infrastructure sales tax, the dedicated revenue stream, as well as coverage," said Standard & Poor's credit analyst Timothy Daley. "We believe management's lack of plans to issue additional debt will allow coverage to remain at its current level," continued Daley.
The SPUR reflects the following credit factors: a local economy that is reliant on international and domestic tourism, which accounts for more than half of total revenues; an improving local economy featuring low unemployment and a population base that continues to exhibit above-average resident income levels; and a sales surtax revenue stream dedicated solely to financing capital improvement projects, although no additional bond issuance is planned.
