S&P Global Ratings assigned its 'AA-' long-term rating to the city of Semmes, Ala.'s estimated $5.5 million series 2025-A general obligation (GO) warrants, $3 million series 2025-B federally taxable GO warrants, and $2.8 million series 2025-C GO warrants. S&P Global Ratings also affirmed its ?AA-? long-term rating on the city?s series 2021 GO warrants. The outlook is stable. A pledge of the city's full faith, credit, and taxing power secures the warrants. The property tax pledge in Alabama is limited, as the state has statutory tax limitations that include debt service levies. However, our analysis focuses on the strength of the full-faith-and-credit pledge, which we consider equal in credit quality to an unlimited-tax GO pledge. We do not differentiate between
