S&P Global Ratings assigned its ‘A+’ rating to the City of Garrett Redevelopment Authority, Indiana’s roughly $15 million series 2026 lease rental revenue bonds, issued for the city of Garrett, Indiana. The outlook is stable. The series 2026 lease rental revenue bonds are secured by lease rental payments paid by the city of Garrett directly to an independent trustee pursuant to a trust indenture between the city of Garrett and trustee as well as a lease between the City of Garrett Redevelopment Commission and the city of Garrett. Lease payments, payable from ad valorem property taxes, subject to state circuit-breaker tax caps but not subject to annual appropriation, secure the series 2026 bonds. We reviewed the lease under our criteria
