...April 12, 2022 NEW YORK (S&P Global Ratings) April 12, 2022--S&P Global Ratings assigned its '##' rating on the City of Charleston, S.C.'s series 2022 $32.535 million hospitality tax revenue bonds. The outlook is stable. The rating reflects our opinion of Charleston's broad and diverse local economy, a revenue source we view as having low-to-moderate volatility; a strong-to-very strong coverage and liquidity position, and the city's general creditworthiness," said S&P Global Ratings credit analyst Kaiti Vartholomaios. The bonds are limited city obligations payable from a pledge of and lien on Charleston's hospitality taxes. The city council, pursuant to state law and an ordinance enacted Dec. 7, 1993 and effective Jan. 1, 1994, and as amended, established a uniform local hospitality tax of 2% on the gross proceeds of the sale of prepared meals and beverages in establishments in the city. For state law purposes, local hospitality taxes are treated as fees. The city will not establish a debt...
