OREANDA-NEWS. S&P Global Ratings assigned its 'BBB' long-term rating to Century Gardens at Tamiami Community Development District (CDD), Fla.'s 2016 special assessment refunding bonds. The outlook is stable.

"The 'BBB' rating incorporates our view of the assessment area's moderate concentration of top assessment payers, the bond's limited estimated cash flows, and the limited nature of the pledged security and the district's lack of revenue-raising flexibility," said S&PGR Global Ratings credit analyst Randy Layman.

The 2016 bond proceeds will be used to refund the district's series 2007A special assessment bonds outstanding for level debt service savings with no extension of maturity.

The stable outlook reflects S&P Global Ratings' opinion that special assessment collections will likely remain sufficient to pay debt service on the bonds over the two-year outlook horizon.