...S&P Global Ratings has assigned its '##' rating and stable outlook to the City of Augusta, Maine's 2017 series A general obligation (GO) bonds and affirmed its '##' rating, with a stable outlook, on the city's GO debt outstanding. In January, we revised our outlook to stable from positive based on fluctuating economic indicators and limited certainty that Augusta can achieve and sustain what we view as a strong economy. We view the area economy as somewhat challenged by an aging and declining workforce despite its low unemployment and the presence of stabilizing institutions. The city's full faith and credit pledge, subject to the state's LD1 tax levy limit, secures the bonds. Despite the limitations imposed by the state's levy limit law, we did not make a rating distinction for the limited-tax GO pledge given the town's flexibility under the levy limit. We understand bond proceeds will be used for the Hartford fire station, improvements to streets and sidewalks, and construction of a river...
