OREANDA-NEWS. S&P Global Ratings lowered its long-term rating to 'AA' from 'AA+' on Tampa, Fla.'s community investment tax (CIT) bonds. At the same time, S&P Global Ratings assigned its 'AA' long-term rating to the city's series 2016 sales tax refunding and improvement revenue bonds. The outlook is stable.

"The rating action reflects our view of the city's diluted maximum annual debt service coverage, based on historical and budgeted pledged revenue, with the additional debt secured by the city's share of CIT revenue," said S&P Global Ratings credit analyst Randy Layman.

The stable outlook reflects our view of the broad and diverse economic base upon which the CIT is levied, strong historical revenue growth, and a revenue stream that is dedicated to capital projects.