| Abstract: | Standard&Poor's Ratings Services assigned its 'AA-' long-term rating and underlying rating (SPUR), with a stable outlook, to Madison County, Tenn.'s series 2002 general obligation (GO) school and public improvement bonds series 2003 GO, series 2004 GO refunding bonds, series 2004 capital outlay notes, series 2004A and 2004B public improvement refunding bonds, series 2004 GO refunding bonds, and series 2009 GO school bonds. The outlooks are stable. In our view, the rating reflects Madison County's: Consistent assessed valuation (AV) growth; Strong financial position; and Low overall debt burden. These strengths are offset, in part, by the county's: Somewhat limited economic and employment base, reflected in the area's adequate wealth and income levels; and High debt service carrying charges, due
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