OCEAN CITY, Md. - Ocean City just got a ratings boost. Standard & Poor's Rating Services announced that it has raised its rating on Ocean City's general obligation debt outstanding one notch to "AA" up from "AA-."
The upgrade is based on several factors, including the Town's strong wealth and income indicators and strong budgetary performance with a diverse revenue stream.
The change comes as the Town prepares to sell $12.7 million in bonds on December 5. Proceeds from the bonds will finance a performing arts center and beach patrol headquarters, among other projects.
The upgrade also affects $96 million of outstanding debt.