Standard & Poor's Ratings Services said it raised its rating on South Fork Community Development District, Fla.'s series 2004A-1 and 2004A-2 special assessment revenue bonds to BBB-plus from BBB.

The outlook is stable.

"The upgrade is due to falling delinquency rates and signs of assessed value stabilization," said Standard & Poor's credit analyst Andrew Teras.

The rating also reflects: a diverse and mature residential assessment base; the bonds' adequate value-to-lien ratio of 13 to 1, when including the overlapping tax-supported debt of the county and county school district; and adequate cash flows that we estimate can withstand the permanent loss of the 10 leading assessment payers for at least 10 years.

Offsetting the above factors are the limited nature of the pledged security and the small size of the assessment area.

Special assessments on benefited properties in the district secure the bonds. The assessments are collected by Hillsborough County via the uniform method, meaning they appear on homeowners' tax bill.

South Fork Community Development District is in an unincorporated area of southeast Hillsborough County and spans 224 acres.

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