CENTENNIAL (S&P Global Ratings) March 1, 2019--S&P Global Ratings raised its long-term rating to 'A-' from 'BBB+' on Bartram Park Community Development District (CDD), Fla.'s series 2015-A1 senior special assessment revenue refunding bonds. The outlook is stable. The rating reflects the application of our updated methodology "Special Assessment Debt," published April 2, 2018, as well as the district's completed development and increased market values. "The stable outlook reflects our expectation that the local economy and real estate market will remain stable," said S&P Global Ratings credit analyst Kimberly Barrett. "We believe the assessment area's fully built-out development status and low historical delinquency rates further support the outlook." Non-ad valorem special debt service assessments levied on benefited parcels within the district are pledged for debt service on the bonds. The 2015 bonds carry a senior-subordinate collateralization structure. The 2015-A1 bonds have a senior-lien position with respect to the 2015-A2 bonds, which are not rated. Duval County will collect these assessments on the district's behalf through the uniform collection method. Special assessments are levied to match debt service payments with limited excess cash flow; therefore, the debt service reserve (DSR) is an important security feature that provides additional liquidity if assessments are not received in full or on a timely basis. The series 2015-A1 bonds have a DSR that is cash funded at 50% of maximum annual debt service.
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