OREANDA-NEWS. S&P Global Ratings assigned its 'BBB+' rating to Montecito Estates Public Improvement District, N. M.'s special levy revenue refunding bonds, series 2016. The outlook is stable.

"Our rating reflects our opinion of the district's fully built-out and residential nature, very diverse taxpayer concentration and very low historical delinquencies, good maximum annual debt service coverage, and good overall value-to-lien ratio," said S&P Global Ratings credit analyst Kaila Spalinger.

Bond proceeds will be used to refund a portion of the district's series 2007 special levy revenue bonds for interest cost savings.