OREANDA-NEWS. S&P Global Ratings assigned its 'BBB' long-term rating to Tangipahoa Parish Recreation District No. 3, La.'s series 2016 limited tax bonds. The outlook is stable.

"The rating reflects our view of the district's low wealth and income levels as well as its permissive legal requirements," said S&P Global Ratings credit analyst Sarah Smaardyk. "The rating is supported by the district's stable regional economy and lack of additional debt plans," Ms. Smaardyk added.

The bonds are being issued for the purpose of constructing and improving recreation facilities within the district's boundaries.

The district is located in Tangipahoa Parish, and has an estimated population of 4,375. The service area includes Amite, La., and the surrounding areas. The parish's location along Lake Pontchartrain's north shore, about 46 miles east of Baton Rouge, La., and 62 miles north of New Orleans.