(Bloomberg) – Few parts of the U.S. are as exposed to thethreats from climate change as Ocean County, New Jersey.

It was here in Seaside Heights that Hurricane Sandy flooded anoceanfront amusement park, leaving an inundated roller coaster asan iconic image of rising sea levels. Scientists say more floods and stronger hurricanes are likelyas the planet warms.

Underestimating risk?

Yet last summer, when Ocean County wanted to sell $31 million inbonds maturing over 20 years, neither of its two rating companies,Moody's Investors Service or S&P Global Ratings, asked anyquestions about the expected effect of climate change on itsfinances.

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