...The 'AA' Long-Term Issuer Default Rating (IDR) of Hall County reflects the county's solid expenditure flexibility and healthy level of reserves available to close budgetary gaps in the event of a fiscal stress. The rating also reflects the county's solid revenue growth prospects and a very low long-term liability burden on the county's growing resource base. The rating incorporates the risk that the county could be called upon to make debt service payments on the certificates. Fitch's 'AA' rating on the revenue anticipation certificates is based on the county's IDR given the county's obligation to pay amounts equal to debt service if authority funds are insufficient. Fitch's dedicated tax analysis focuses on the seven mills healthcare tax levy cap. The structure is highly resilient and growth prospects for the dedicated revenue stream are solid. Fitch does not believe the pledged revenues are insulated from the county's operating risk and, as such, the rating is capped at the IDR on Hall...
