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Summary: Indian River County, Florida; Miscellaneous Tax <br />county, while the City of Vero Beach serves as the county seat. Given the county's 100 miles of waterfront property <br />and 23 miles of Atlantic coastline, tourism is a major economic driver. Unemployment rates in the county stood at just <br />4.0% in 2018. Income levels are what we consider good, with per capita effective buying income at 112% of the <br />national level. Per capita retail sales are adequate at 97% of the national average. <br />Outlook <br />The stable outlook reflects our expectation that pledged revenue will continue to provide very strong debt service <br />coverage over the next couple of years. Hence, we do not expect to change the rating within the two-year outlook <br />horizon. <br />Downside scenario <br />Although we are unlikely to do so in the two-year time frame of the outlook, we could lower the rating if pledged <br />revenue declines substantially, resulting in materially lower coverage. We would also likely lower the rating if changes <br />to enabling legislation reduce pledged state payments, causing insufficient debt service coverage for bonds maturing <br />after fiscal 2021. <br />Upside scenario <br />Although we are unlikely to do so given the expiration of two of the pledged revenue in fiscal 2021, we could raise the <br />rating in case of a substantial increase in projected coverage for bonds maturing in fiscal 2022 through maturity in <br />2031. <br />Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, <br />have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. <br />Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is <br />available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found <br />on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left <br />column. <br />WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MARCH 29, 2t49 5 <br />