CUSIP 628575BY7

  • ISIN: US628575BY77
  • Entity Name: City of Myrtle Beach
  • Sector: Municipal
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Rating Upgrade
  • News: S&P Global Ratings raised its rating on Myrtle Beach, S.C.`s series 2016 tax-increment refunding bonds (Myrtle Beach Air Force Base Redevelopment Project Area) to `A` from `A-` and assigned its `A` rating to the city`s series 2018 tax-increment bonds (Myrtle Beach Air Force Base Redevelopment Project Area). The outlook is stable. ""The upgrade reflects the strong coverage of incremental taxes from the redevelopment zone, as well as diversification of the district`s top 10 taxpayers,"" said S&P Global Ratings credit analyst Tiffany Tribbitt. Since 2009, property tax revenues nearly tripled, with annual growth in taxing district averaging more than 20%. Given this, and even assuming flat revenues for the life of both series of bonds, we expect coverage to exceed 2x. ""However, with further development expected, we anticipate coverage will continue improving,"" Ms. Tribbitt added. Furthermore, we view the short time frame to a closed lien, combined with no current plans to issue additional parity debt, as mitigating risks that additional bonding could dilute coverage. This helps offset negative credit factors such as a lack of a debt service reserve in the 2018 series, the city`s cyclical economy, and potential weather- and climate-related risks. The $12.3 million in bond proceeds will fund various projects in the redevelopment area, including additional parking, public safety infrastructure, and park facilities.
  • Description: *****
  • Bond Document:
  • Latest Corporate Actions:

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