S&P Global Ratings assigned its 'AA' long-term rating to the Nashville&Davidson County Metropolitan Government , Tenn.'s (Metro Water) estimated $451.9 million series 2025 water and sewer revenue refunding bonds. At the same time, S&P Global Ratings affirmed its ?AA? long-term rating and 'A-1+' short-term rating on the system's extendible maturity water and sewer revenue commercial paper (CP) notes. The outlook, where applicable, is stable. The series 2025 bond proceeds will be used to convert $400 million of CP notes outstanding to long-term debt, while also refunding a portion of existing debt for interest rate savings. The series 2025 bonds are secured by a first-lien pledge of net revenues of the government's waterworks and sanitary sewer system, which does
