Connerton West Community Development District, FL Series 2018A-1 Special Assessment Revenue Refunding Bonds Rated #A-#

Stocks and Financial Services Press Releases Thursday March 8, 2018 11:42
CENTENNIAL--8 Mar--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) March 7, 2018--S&P Global Ratings assigned its 'A-' long-term rating to Connerton West Community Development District (CDD), Fla.'s series 2018A-1 senior special assessment revenue refunding bonds. The outlook is stable.

"The stable outlook reflects our opinion that special assessment collections will be sufficient to pay debt service on the 2018A bonds over the outlook horizon," said S&P Global Ratings credit analyst Kimberly Barrett. "We believe the assessment area's low delinquency rates and the senior-lien's strong cash flow structure provide additional stability."

Non-ad valorem special debt assessments on properties in the district secure the bonds. Pasco County will collect the majority of assessments on the district's behalf through Florida's uniform method of collection, with the remainder being direct-billed by the district. Bond proceeds will refund the district's series 2004A-1 and 2004A-2 special assessment bonds outstanding to achieve savings on debt service and to finance capital projects.

The 2018A bonds, with a total par amount of $8.26 million, carry a senior-subordinate collateralization structure to eliminate the senior lien's exposure to the district's undeveloped lots and other high-concentration ownership. However, only the senior lien (2018A-1), with an estimated par of $6.58 million, is rated. The 2018A-1 bonds carry a senior-lien position with respect to the 2018A-2 bonds (not rated) on assessments levied for debt service.

The 2018A bonds will currently refund the district's outstanding series 2004A-1 and 2004A-2 special assessment revenue bonds. The savings will be taken up front to cash-fund the 2018A project.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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