...CENTENNIAL (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings lowered its long-term rating to 'A+' from '##-' on Springdale, Ark.'s series 2012 sales and use tax bonds. We also affirmed our 'A+' underlying rating on the city's series 2018 sales and use tax bonds. The outlook is stable. "The downgrade of the series 2012 bonds reflects our assessment of the bonds provisions under our priority-lien tax revenue debt criteria, including the 1.5x additional bonds test which indicates coverage will worsen if additional bonds are issued under the lien," said S&P Global Ratings credit analyst Benjamin Burrows. "Additionally, the open flow of funds does not require the city to use excess revenues to retire debt." We rate the bonds under our priority-lien tax revenue debt criteria, published Oct. 22, 2018, which factors in both the strength and stability of the pledged revenue, as well as the general credit quality of the municipality where taxes are distributed and collected (the obligor's creditworthiness)....
