OREANDA-NEWS. S&P Global Ratings assigned its 'BBB-' rating and stable outlook to South Kendall Community Development District, Fla.'s series 2016 special assessment refunding bonds.

"The stable outlook reflects our opinion that special-assessment collections will likely remain sufficient to pay debt service on the bonds," said S&P Global Ratings credit analyst Anthony Polanco. "We believe the district's low delinquency rates and bond structure, which allows it to absorb the loss of all assessment payers with a VTL ratios of 5-to-1 through maturity, further support the rating."

Non-ad valorem special debt assessments on benefited properties in the district secure the series 2016 bonds. Miami-Dade County collects special assessments on the district's behalf through the uniform collection method. The special assessment tax is due to be collected by the county at the same time and manner as the homeowners' ad valorem property taxes.

"We believe that this is favorable, since it is likely to improve collections in comparison to debt not included as part of the property tax bill," added Mr. Polanco.