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Most U.S. Hospitality Tax-Backed Ratings Have Remained Stable Despite The Pandemic

The Affirmations And Stable Outlooks Reflect Recovery In Pledged Revenues And/Or Maintenance Of Strong Coverage

Many hospitality revenues, including hotel occupancy taxes and food and beverage taxes, fell dramatically at the onset of the COVID-19 pandemic in March 2020. In anticipation of lower revenues and coverage levels, S&P Global Ratings put the entire group of hospitality tax-backed ratings on negative outlook effective April 3, 2020. Since then, we have continued to review these ratings and affirmed a majority of them as well as revised the outlooks on the ratings to stable. The primary factor for the affirmations was stronger-than-expected collections from pledged revenues despite the pandemic, notably food and beverage taxes, which proved to be particularly resilient. However, not all of these ratings have fared as well, and this has mainly been the case for issuers in locations where hospitality revenues rebounded more slowly .

While most issuers, regardless of tax type, experienced a decrease in pledged revenues in fiscal 2020, these revenues showed some signs of recovery in fiscal 2021. For example, Denver had historically maintained about 2.00x DSC leading up to lower coverage of 1.33x in fiscal 2020; however, DSC improved to 2.36x for fiscal 2021. For more information on this rating action, see our report on Denver published Aug. 10, 2022, on RatingsDirect. In certain situations, we lowered a rating because coverage decreased sharply, but with 2021 or 2022 revenues showing slight improvement or stability, most of these ratings now carry a stable outlook.

Another factor that supported affirmations or outlook revisions to stable on the hospitality tax-backed ratings was strong-to-very strong DSC at the start of 2022. Ratings that were based on higher DSC had more flexibility to withstand softening in pledged revenues and maintain DSC consistent with the current rating; our rating criteria identifies 1.5x-2.0x as strong coverage while more than 2.0x is considered very strong.

Hotel Occupancy Taxes Were Hit Harder Than Food And Beverage Taxes

For hotel occupancy taxes, especially in tourism- and convention-driven economies, recovery has been slow. This has resulted in 18 downgrades and 15 ratings with negative outlook. For the majority of the ratings that were lowered or that remain on negative outlook, historically the DSC on the associated debt was adequate (1.25x-1.50x) or weak (1.00x-1.25x) rather than strong. With pledged revenues declining, we lowered ratings when coverage fell to near or below 1x maximum annual debt service (MADS). For example, we lowered the city of Anaheim, Calif., hospitality tax-backed rating to 'BBB' from 'A-' and assigned a negative outlook because of significantly weaker coverage in fiscal 2021, given very limited economic activity in the area after the Disneyland Resort was closed from March 14, 2020, through April 29, 2021. During that time, Anaheim's MADS coverage fell to 0.29x and annual debt service payments were made with drawdowns on a special reserve fund (for more information on this rating action, see our report on Anaheim, published Sept. 3, 2021).

S&P Global Ratings' report, "U.S. Real-Time Data: Prices Are Cooling on Weakening Demand" (published Aug. 12, 2022), notes that hotel occupancy rates year to date in 2022 are above pre-pandemic levels. After hotel occupancy fell to a low of 21% in April 2020, it slowly regained momentum reaching 69.9% as of Aug. 6, 2022. Given the direct correlation between hotel occupancy rates and hotel occupancy taxes, we believe both should improve at the same pace.

Although hospitality taxes seem to be recovering based on trends for fiscal 2022, S&P Global Ratings will continue to monitor the hospitality tax-backed ratings for these issuers to determine if pledged revenues are stable or if a disruption in the economy, such as another recession, will negatively affect pledged revenues and possibly further pressure hospitality tax-backed ratings or outlooks.

Hospitality Taxes Rating List
Issuer State Series Current rating Current outlook Rating as of April 3, 2020*
Anchorage Municipality AK $88.815 mil rev rfdg bnds (Anchorage Municipality) ser 2015 due 09/01/2038 A+ Stable A+
Citizenship Trust AL $2.38 mil rev bnds (Citizenship Trt) (The Alabama Veterans Living Legacy Project, Series 2017-a) ser 2017-A A- Stable A-
Citizenship Trust AL $15.265 mil rev rfdg bnds (The Alabama Veteran Living Legacy Proj) ser 2019 due 12/01/2042 A- Stable A-
Conway AR $38.785 mil rest gross rcpts tax cap imp rfdg bnds ser 2022 dtd 05/17/2022 due 06/01/2023-2030 2032 2037 2042 2052 A Stable A
Fayetteville AR $10.98 mil Hotel, Motel, & Restaurant Gross Receipts Tax & Tourism Rev ser 2014 dtd 11/01/2014 due 11/01/2015-2025, 2029, 2034, 2039 A+ Stable A+
Little Rock AR $32.57 mil hotel gross receipts tax bnds ser 2018 dtd 12/13/2018 due 04/01/2019-2037 2040 2044 2048 BBB Stable A-
Anaheim CA $169.065 mil senior lse rev rfdg bnds (Anaheim Public Imp) ser 2019A dtd 04/30/2019 due 09/01/2019-2036 BBB Negative A
San Francisco City and County Redevelopment Agency CA $43.78 mil hotel tax rev rfdg bnds ser 2011 dtd 03/17/2011 due 06/01/2012-2021 2024-2025 AA Negative AA
Denver City and County CO $233.29 mil dedicated tax rev rfdg and imp bnds ser 2016A due 08/01/2046 AA- Stable AA-
Denver City and County CO $144.08 mil dedicated tax rev rfdg and imp bnds ser 2016B due 08/01/2032 AA- Stable AA-
Denver City and County CO $151.485 mil dedicated tax rev bnds ser 2018A-1 dtd 08/30/2018 due 08/01/2041 2048 AA- Stable AA-
Denver City and County CO $60.000 mil dedicated tax rev bnds taxable ser 2018B dtd 08/30/2018 due 08/01/2019-2020 2022-2029 AA- Stable AA-
Denver City and County CO $88.515 mil cap apprec bnds ser 2018A-2 dtd 08/30/2018 due 08/01/2029-2048 AA- Stable AA-
Denver City and County CO $273.83 mil dedicated tax rev bnds ser 2021A due 08/01/2051 AA- Stable N/A
Glendale CO $15.33 mil excise tax rev rfdg bnds ser 2015 due 12/01/2016-2028 AA- Stable AA-
Broward County FL $176.765 mil professional sports facs tax/rev rfdg bnds (tax-ex/taxable) (Civic Arena Proj) ser 2006A&B dtd 07/26/2006 due 09/01/2007-2026 2028 AA- Stable AA-
Broward County FL $85.0 mil professional sports fac tax & rev rfdg bnds (Broward County Civic Arena Proj) ser 2016 due 09/01/2028 AA- Stable AA-
Hillsborough County FL $39.075 mil fifth cent tourist dev tax rfdg rev bnds ser 2016 due 10/01/2017-2039 2041 2046 AA- Stable AA-
Hillsborough County FL $12.875 mil fourth cent tourist dev tax rfdg rev bnds (Tax-exempt) ser 2017A dtd 02/16/2017 due 10/01/2017-2035 AA- Stable AA-
Hillsborough County FL $22.02 mil fourth cent tourist dev tax rev bnds (Taxable) ser 2017B dtd 02/16/2017 due 10/01/2017-2032 2037 2046 AA- Stable AA-
Miami Beach FL $197.42 mil resort tax rev bnds ser 2015 AA- Stable AA-
Miami Dade County FL $199. mil subord spl oblig cap apprec bnds (cur int & cap apprec bnds) ser 2009 dtd 07/14/2009 due 10/01/2025-2047 A+ Stable A+
Miami Dade County FL $178.675 mil sub spl oblig rfdg bnds (Convention Development Tax) ser 2012A dtd 11/08/2012 due 10/01/2014-2015 2021-2030 A+ Stable A+
Miami Dade County FL $309.3 mil sub spl oblig rfdg bnds (Convention Development Tax) ser 2012B dtd 11/08/2012 due 10/01/2030-2032 2035 2037 A+ Stable A+
Miami Dade County FL $350.0 mil subordinate spl oblig rfdg bnds ser 2016 dtd 08/10/2016 due 09/30/2018-2040 A+ Stable A+
Miami Dade County FL $174.1 mil Subordinate Special Oblig Rfdg Bnds ser 2021A dtd 01/20/2021 due 10/01/2030 A+ Stable N/A
Miami Dade County FL $340.485 mil Subordinate Special Oblig Rfdg Bnds ser 2021B due 10/01/2027, 2033, 2037 A+ Stable N/A
Orange County FL $151.96 mil tourist dev tax rfdg rev bnds ser 2010 dtd 09/28/2010 due 10/01/2019-2024 AA- Stable AA-
Orange County FL $159.415 mil tourist dev tax rfdg rev bnds ser 2015 AA- Stable AA-
Orange County FL $63.025 mil tourist dev tax rfdg rev bnds ser 2016 dtd 07/14/2016 due 10/01/2023-2024 2031-2032 AA- Stable AA-
Orange County FL $84.165 mil tourist dev tax rev bnds ser 2016A due 10/01/2036 AA- Stable AA-
Orange County FL $198.04 mil tourist dev tax rfdg rev bnds ser 2016B due 10/01/2036 AA- Stable AA-
Orange County FL $203.17 mil tourist dev tax rfdg rev bnds ser 2017 dtd 07/06/2017 due 10/01/2030 AA- Stable AA-
Orlando FL $87.27 mil tourist dev tax rev bnds (6th cent contract pymts) (3rd ln) ser 2008C dtd 03/13/2008 due 11/01/2038 BB+ Negative BB+
Orlando FL $196.59 mil sr tourist dev tax rfdg rev bnds (6th Cent Contract Pymts) ser 2017A dtd 08/31/2017 due 11/01/2018-2038 A Negative A
Atlanta GA $169.68 mil rev bnds (Atlanta) (New Downtown Atlanta Stadium Proj) ser 2015A-1 due 07/01/2044 A Negative A+
Atlanta GA $40.435 mil rev bnds, second ln (Atlanta) (New Downtown Atlanta Stadium Proj) ser 2015B due 07/01/2044 A- Negative A
Cobb-Marietta Coliseum and Exhibit Hall Authotity GA $15.375 mil rev rfdg bnds ser 2005 dtd 02/01/2005 due 10/01/2006-2016 2019 2026 AA- Negative AA-
Greater Boise Auditorium District ID $21.365 mil lse rev bnds (Greater Boise Audit Dist) (Centre Bldg Proj) ser 2016 due 12/15/2036 A- Stable A+
Overland Park KS $89.995 mil imp & rfdg rev bnds (Overland Park) (Overland Park Convention Center Hotel) ser 2019 due 03/01/2049 BB- Negative BBB
Wyandotte County/Kansas City Unified Government KS $10.72 mil rev rfdg bnds (Kansas International Speedway Corp Proj) ser 2014 due 12/01/2027 BBB+ Stable A
Louisville and Jefferson County Visitors and Convention Commission KY $138.1 mil dedicated tax rev bnds (Kentucky International Convention Center Expansion Proj) ser 2016 due 06/01/2046 A Negative A+
Ragin' Cajun Facilities Corp. LA $17.05 mil rev bnds (ragin' cajun facs, inc. - univ of loiana at lafayette cajundome proj) ser 2015 due 9/1/2045 A+ Stable A+
Reno NV $9.192 mil taxable cap imp rev bnds ser 2005C due 06/01/2033-2037 A Stable A
Reno NV $8.72 mil sr taxable ae lien room tax rev rfdg bnds (ReTRAC-Reno Transp Rail Access Corridor Proj) ser 2006 dtd 05/03/2006 due 06/01/2036 BBB- Stable BBB+
Reno NV $79.92 mil GO cap imp rfdg rev bnds ser 2019A-1 (tax-exempt) dtd 02/26/2019 due 06/01/2025-2032 2037-2039 2043 2046 A Stable A
Reno NV $5.245 mil Taxable cap imp rev rfdg bnds ser 2019A-2 dtd 02/26/2019 due 06/01/2024 A Stable A
Cincinnati and Hamilton County Convention Facilities Authority OH $70.0 mil convention facs auth rev rfdg & imp bnds (Cincinnati & Hamilton Cnty Con Fac Auth) ser 2014 due 12/01/2015-2033 A- Stable A
Oklahoma City Public Property Authority OK $45.085 mil hotel tax rev rfdg bnds ser 2007B dtd 12/05/2007 due 10/01/2008-2029 AA- Stable AA-
Oklahoma City Public Property Authority OK $10.0 mil hotel tax rev bnds (OK City Fairgrounds) ser 2011 due 10/01/2036 AA- Stable AA-
Oklahoma City Public Property Authority OK $58.305 mil hotel tax rev rfdg & imp bnds ser 2015 AA- Stable AA-
Oklahoma City Public Property Authority OK $14.4 mil hotel tax rev rfdg bnds (Oklahoma City) (Oklahoma City Fairgrounds) ser 2018 dtd 10/04/2018 due 10/01/2019-2033 AA- Stable AA-
Pittsburgh and Allegheny Sports and Exhibition Authority PA $79.38 mil hotel room excise tax rev bnds, rfdg (Allegheny Cnty) ser 2022A dtd 02/01/2022 due 02/01/2023-2035 A- Stable §
Pittsburgh and Allegheny Sports and Exhibition Authority PA $43.205 mil hotel room excise tax rev bnds, rfdg (Allegheny Cnty) ser 2022B dtd 05/03/2022 due 02/01/2023-2029 A- Stable §
Greenville County SC $24.815 mil hospitality tax refunding certs of part ser 2014 due 04/01/2028 A+ Stable A+
Greenville County SC $8.635 mil hosp tax rfdg certs of part (Greenville Cnty) ser 2016 dtd 11/09/2016 due 04/01/2017-2030 A+ Stable A+
Greenville County SC $26.160 mil hospitality tax rev rfdg bnds taxable ser 2021A dtd 10/26/2021 due 04/01/2022-2030 A+ Stable N/A
Greenville County SC $4.52 mil hospitality tax rev bnds ser 2021B dtd 10/26/2021 due 04/01/2022-2031 2033 2035 2037 2041 A+ Stable N/A
Richland County SC $15.045 mil hospitality tax rev rfdg bnds ser 2013A dtd 04/15/2013 due 04/01/2014-2024 2026 AA- Stable AA-
Rock Hill SC $15.16 mil ltd oblig bnds ser 2013 dtd 05/10/2013 due 04/01/2014-2025 2033 A+ Stable A+
Spartanburg SC $13.86 mil spl oblig bnds (Hospitality Fee Pledge) taxable ser 2019 dtd 09/26/2019 due 04/01/2020-2035 2037 2039 A Stable A
Spartanburg County SC $19.275 mil hospitality tax certs of part (Spartanburg Cnty) ser 2009 dtd 10/20/2009 due 04/01/2011-2030 A+ Stable A+
Spartanburg County SC $10.695 mil rfdg certs of part (Spartanburg Cnty) (hosp tax pledge not subj to annual approp) ser 2016 due 04/01/2020-2030 A+ Stable A+
Nashville and Davidson County Metropolitan Government TN $15.485 mil tourism tax rev bnds ser 2010A-1 dtd 04/21/2010 due 07/01/2015-2026 A+ Stable A+
Nashville and Davidson County Metropolitan Government TN $185.82 mil tourism tax rev bnds, federally taxable (BAB - Direct Payment) ser 2010A-2 dtd 03/01/2010 due 07/01/2043 A+ Stable A+
Amarillo TX $11.9995 mil hotel occup tax rev bnds ser 2016 due 8/15/2019-2026 2030 2034 2038 2043 A+ Stable A+
Amarillo TX $38.835 mil hotel occup tax rev (taxable) bnds ser 2018 dtd 02/15/2018 due 08/15/2021-2033 2038 2048 A+ Stable A+
Aransas County TX $2.77 mil tax exempt venue proj rev bnds (Combined Venue Tax) ser 2011 dtd 09/15/2011 due 02/15/2029 BBB+ Stable BBB+
Austin TX $59.645 mil hotel occupancy tax subord lien var rate rev rfdg bnds ser 2008A dtd 08/14/2008 rmktd dtd 07/27/2011 due 11/15/2029 AA Stable AA
Austin TX $59.645 mil hotel occupancy tax subord lien var rate rev rfdg bnds ser 2008B dtd 08/14/2008 due 11/15/2029 AA Stable AA
Austin TX $20.185 mil hotel occup tax subord ln rev rfdg bnds ser 2012 dtd 03/01/2012 due 11/15/2012-2029 AA Stable AA
Bexar County TX $50.810 mil taxable venue proj rev rfdg bnds (Comb Venue Tax and License Rev) ser 2008B dtd 08/15/2008 due 08/15/2009-2013 2018 2023 2032 A- Stable A+
Bexar County TX $5.525 mil tax-exempt venue proj rev bnds (Comb Venue Tax) ser 2008C dtd 08/15/2008 due 08/15/2010-2023 2028 2037 A- Stable A+
Bexar County TX $101.23 mil tax-exempt venue proj rev rfdg bnds (Combined Venue Tax) ser 2013 dtd 12/15/2012 due 08/15/2014-2033 2039 2042 2045 2049 A- Stable A+
Bexar County TX $78.935 mil tax-exempt venue proj rev rfdg bnds (comb venue tax) ser 2015 dtd 11/01/2015 due 08/15/2016-2035 2041 2051 A- Stable A+
Bexar County TX $87.945 mil tax-exempt venue proj rev rfdg bnds (comb venue tax) ser 2019 dtd 07/01/2019 due 08/15/2020-2039 2044 2049 A- Stable A+
Bexar County TX $171.535 mil venue proj rev rfdg bnds (comb venue tax) taxable ser 2021 dtd 08/15/2021 due 08/15/2022-2036, 2041, 2051 A- Stable §
Cameron County TX $10.0 mil venue tax rev bnds ser 2017 taxable dtd 10/15/2017 due 08/15/2018-2027 08/01/2028-2037 08/15/2040 2043 2047 A+ Stable A+
Dallas TX $236.595 mil hotel occup tax rev rfdg bnds ser 2021 dtd 11/16/2021 due 08/15/2022-2038 A Stable A
Houston TX $626.540 mil conv & entertainment fac dept hotel occupancy tax & spl rev rfdg bnds ser 2001A,B,C dtd 04/01/2001 due 09/01/2002-2020 2033 A Negative A
Houston TX $85.195 mil hotel occup tax and spl rev and rfdg bnds (Convention And Entertainment Facs Dept) ser 2014 dtd 08/20/2014 A Negative A
Houston TX $129.835 mil Hotel Occup Tax & Spl Rev & Rfdg Bnds ser 2015 dtd 03/25/2015 due 09/01/2044 A Negative A
Houston TX $106.32 mil hotel occupancy tax & spl rev & rfdg bnds ser 2019 dtd 04/01/2019 due 09/01/2019-2036 A Negative A
Houston TX $31.165 mil hotel occupancy tax & spl rev rfdg bnds ser 2021 dtd 08/01/2021 due 09/01/2022-2033 A Negative A
Irving TX $24.660 mil hotel occupancy rev rfdg bnds, taxable ser 2014A dtd 02/20/2014 due 08/15/2053 BBB+ Stable BBB+
Irving TX $35.645 mil hotel occupany tax rev rfdg bnds ser 2019 due 08/15/2043 BBB+ Stable BBB+
McLennan County TX $35.51 mil venue proj rev and rfdg bnds (combined venue tax) ser 2018A dtd 07/01/2018 due 06/01/2019-2037 2040 2043 2048 2058 A- Stable A-
Round Rock TX $4.6 mil hotel occupancy tax rev rfdg bnds ser 2016 dtd 08/15/2016 due 12/01/2024 A+ Stable A+
South Padre Island TX $9.085 mil venue hotel occupancy tax rev bnds ser 2017 dtd 06/01/2017 due 08/01/2018-2025 2027 2029-2033 2035 2037 2039 2042 2047 A Stable A
Utah County UT $3.8 mil exc tax rev bnds ser 2013 due 12/01/2032 AA Stable AA
Utah County UT $27.315 mil excise tax rfdg bnds ser 2020 dtd 01/29/2020 due 12/01/2020-2039 AA+ Stable AA+
Greater Richmond Convention Center Authority VA $113.0 mil hotel tax rev rfdg bnds ser 2015 due 06/15/2032 AA- Stable AA-
Vancouver Downtown Redevelopment Authority WA $18.045 mil sales & lodging tax rfdg rev bnds (Conference Ctr Proj) ser 2013 dtd 06/27/2013 due 01/01/2016-2018 2021 2023 2028 2034 A+ Negative A+
*N/A reflects debt issued after April 3, 2020. §The debt refunded was rated 'A+' as of April 3, 2020.

This report does not constitute a rating action.

Primary Credit Analyst:Kristin Button, Dallas + 1 (214) 765 5862;
kristin.button@spglobal.com
Secondary Contacts:Jane H Ridley, Centennial + 1 (303) 721 4487;
jane.ridley@spglobal.com
Joshua Travis, Dallas + 1 (972) 367 3340;
joshua.travis@spglobal.com

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