- Published: May 2012
- Region: United States
Summary: Jacksonville, Florida; Sales Tax Mar 12
- Published: March 2012
- Region: Florida
- Standard & Poors
Standard & Poor's Ratings Services has assigned its 'A' long-term rating to Jacksonville, Fla.'s series 2012 "Better Jacksonville" sales tax refunding revenue bonds. The outlook remains negative due to reduced coverage levels coupled with a regional economy that remains soft, with weakened consumer spending and wealth indicators. At the same time, Standard & Poor's affirmed its 'A' ratings, with negative outlooks, on the city's existing parity sales tax revenue bonds. The ratings reflect our assessment of the city's: Broad but contracting economic base; and Adequate legal provisions, including a 1.35x historical additional bonds test and a cash-funded debt service reserve (DSR) fund. Offsetting rating factors include recent decreasing coverage levels, but revenues increased modestly for fiscal 2011. The city also...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Negative
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