S&P: Talis Park Community Development District, FL Revenue Bonds Assigned 'BBB+' Rating
"The 'BBB+' rating reflects our view of the assessment area's extremely high concentration of the top 10 assessment payers, its high concentration of undeveloped parcels, and its moderate overall value-to-lien ratio," said S&P Global Ratings credit analyst Randy Layman. "The rating further reflects our view of the limited nature of the pledged security and the district's lack of revenue-raising flexibility," Mr. Laymen added.
The 2016A bond proceeds will be used to refund all of the district's series 2005A special assessment bonds outstanding.
The stable outlook reflects S&P Global Ratings' opinion that special assessment collections will likely remain sufficient to pay debt service on the senior-lien bonds over the two-year outlook horizon.