S&P Global Ratings affirmed its'AAA'long-term rating on the State of Tennessee's general obligation (GO) debt outstanding and its'AA'long-term rating on the Tennessee Local Development Authority's (TLDA) bonds outstanding. In addition, we affirmed our'A-1+'short-term rating on Tennessee's GO commercial paper (CP) program, based on our long-term rating on the state's GO debt, the state's general credit quality, and liquidity support provided by the Tennessee Consolidated Retirement System (TCRS). The outlook, where applicable, is stable. The state's full faith and credit and taxing power secure the GO debt. The TLDA bonds are rated two notches lower than the state's general creditworthiness, reflecting our assessment of the obligation's relationship with Tennessee based on a preponderance
