DALLAS (Standard&Poor's) Nov. 13, 2003--Standard&Poor's Ratings Services revised its outlook on Nashville and Davidson County Metropolitan Government, Tenn.'s general obligation and appropriation-backed debt outstanding to stable based on the recent trend of general fund drawdowns. Standard&Poor's also assigned its 'AA' rating, and stable outlook, to the government's $128.865 million series 2003 general obligation bonds, which are scheduled to sell on Nov. 18. "The recent trend of general fund drawdowns will reduce general fund reserves to adequate levels," said Standard&Poor's credit analyst Wendy Wipperman. "The metropolitan government's continued economic diversification and expansion, above-average wealth and income levels, relatively low property tax rates, and moderate overall debt levels support the rating," added Ms. Wipperman.
