...S&P Global Ratings assigned its '##' long-term rating to the Metropolitan Government of Nashville & Davidson County, Tenn.'s (Metro) series 2020A and series 2020B water and sewer revenue bonds. At the same time, S&P Global Ratings affirmed its '##' rating on what is now Metro's senior-lien water and sewer revenue bonds, as well as its '##-' rating on Metro's subordinate-lien series 2012 water and sewer revenue bonds. S&P Global Ratings also affirmed its 'A-1+' short-term ratings on the system's extendible maturity water and sewer revenue commercial paper (CP) notes and series A CP notes. What had been Metro's senior-most (prior) lien debt matured in January 2020. Metro already closed that lien in 2010. The outlook, where applicable, is stable. After this sale, Metro will have about $986.4 million in senior-lien debt outstanding and $59.145 million in subordinate-lien bonds. We understand proceeds of the series 2020A bonds will be used primarily to convert outstanding commercial paper notes...
