S&P: Seven Oaks Community Development District, FL 2016A-1 Revenue Refunding Bonds Assigned 'A-' Rating
"The 'A-' rating on the bonds incorporates our view of the assessment area's strong overall value-to-lien ratio, the senior-lien bonds' strong cash flows, and the district's inclusion in the broad and diverse Tampa metropolitan statistical area," said S&P Global Credit analyst Randy Layman.
The 2016A bond proceeds will be used to refund all of the district's outstanding series 2003A special assessment bonds. The 2016A-1 bonds carry a senior-lien position with respect to the 2016A-2 bonds (unrated) on assessments levied for debt service.
The stable outlook reflects S&P Global Ratings' opinion that special assessment collections will likely remain sufficient to pay debt service over the two-year outlook horizon.