...The 'AAA' IDR and GO ratings reflect the metro government's low long-term liabilities, solid revenue growth prospects and expenditure flexibility, and Fitch's expectation that the metro government will maintain a high level of financial resilience through economic cycles. The rating on the lease revenue bonds is one notch below the IDR, reflecting the slightly higher degree of optionality associated with the payment of annual appropriation-backed debt. Economic Resource Base: The city of Louisville and Jefferson County merged in January 2003 to form the combined metro government, replacing the former city and county governments. The metro government area, with a combined population of over 770,000, is the largest local government in the state of Kentucky....
