Bartram Park Community Development District, FL Series 2015-A1 Bond Rating Raised To 'A-' On Methodology Update

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 

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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