Palm Glades Community Development District
CUSIP 696638BJ3
- Issue Currency: United States of America Dollars
- Announcement Date: 13-Aug-2018
- News: S&P Global Ratings raised its long-term rating to `A` from BBB` on Palm Glades Community Development District (CDD), Fla.`s series 2018A-1 and 2016 special assessment bonds The outlook is stable. The rating action reflects the application of our updated methodology for assessing special assessment debt, published on RatingsDirect on April 2, 2018. Non-ad valorem special debt assessments on Palm Glades CDD properties secure the bonds; Broward County will collect the assessments on the district`s behalf through the state`s uniform method of collection. The `A` rating reflects our view of the series 2018A-1 bonds assessment area`s following factors and analytical considerations: Adequate district economic fundamentals, characterized by adequate incomes, significant historical real estate volatility; and participation in the broad and diverse Miami-Fort Lauderdale-West Palm Beach metropolitan statistical area (MSA); Adequate district characteristics with relatively low taxpayer concentration, adequate district size, and mature development status; and Adequate financial profile, characterized by 1.2x coverage of the senior lien debt service, limited revenue-raising capacity; and the ability to withstand the loss of the top 10 taxpayers while still being able to meet debt service.
- Issue Currency: United States of America Dollars
- Announcement Date: 13-Aug-2018
- News: S&P Global Ratings raised its long-term rating to `A` from BBB` on Palm Glades Community Development District (CDD), Fla.`s series 2018A-1 and 2016 special assessment bonds The outlook is stable. The rating action reflects the application of our updated methodology for assessing special assessment debt, published on RatingsDirect on April 2, 2018. Non-ad valorem special debt assessments on Palm Glades CDD properties secure the bonds; Broward County will collect the assessments on the district`s behalf through the state`s uniform method of collection. The `A` rating reflects our view of the series 2018A-1 bonds assessment area`s following factors and analytical considerations: Adequate district economic fundamentals, characterized by adequate incomes, significant historical real estate volatility; and participation in the broad and diverse Miami-Fort Lauderdale-West Palm Beach metropolitan statistical area (MSA); Adequate district characteristics with relatively low taxpayer concentration, adequate district size, and mature development status; and Adequate financial profile, characterized by 1.2x coverage of the senior lien debt service, limited revenue-raising capacity; and the ability to withstand the loss of the top 10 taxpayers while still being able to meet debt service.
- Issue Currency: United States of America Dollars
- Announcement Date: 31-Jul-2018
- News: S&P Global Ratings raised its long-term rating to `A` from BBB` on Palm Glades Community Development District (CDD), Fla.`s series 2018A-1 and 2016 special assessment bonds The outlook is stable. The rating action reflects the application of our updated methodology for assessing special assessment debt, published on RatingsDirect on April 2, 2018. Non-ad valorem special debt assessments on Palm Glades CDD properties secure the bonds; Broward County will collect the assessments on the district`s behalf through the state`s uniform method of collection. The `A` rating reflects our view of the series 2018A-1 bonds assessment area`s following factors and analytical considerations: Adequate district economic fundamentals, characterized by adequate incomes, significant historical real estate volatility; and participation in the broad and diverse Miami-Fort Lauderdale-West Palm Beach metropolitan statistical area (MSA); Adequate district characteristics with relatively low taxpayer concentration, adequate district size, and mature development status; and Adequate financial profile, characterized by 1.2x coverage of the senior lien debt service, limited revenue-raising capacity; and the ability to withstand the loss of the top 10 taxpayers while still being able to meet debt service.
