Moody's Investors Service said it has upgraded to A3 from Baa1 the rating on $71.3 million of Sarasota County, Fla.'s limited ad valorem tax bonds (environmentally sensitive lands and parkland program), Series 2008 and 2005; the outlook is positive.
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The upgrade to A3 incorporates the county's recovering taxable values following several years of protracted losses, which has improved coverage levels. The rating also factors the still narrow coverage and weak legal provisions, which include a 1.1x maximum annual debt service additional bonds test and the lack of a debt service reserve fund.
