...S&P Global Ratings assigned its '##' rating and stable outlook to Augusta, Maine's approximately $8.205 million series 2022 general obligation (GO) bonds and affirmed its '##' rating, with a stable outlook, on the city's existing GO debt. The city's full-faith-and-credit pledge secures the bonds. Augusta can levy ad valorem property taxes for bond repayment, subject to limitations of the state's LD-1 legislation. We rate the limited-tax GO debt on par with our view of Augusta's general creditworthiness since the ad valorem tax is not derived from a measurably narrower property tax base and there are no limitations on the fungibility of resources, supporting our view of the city's overall ability and willingness to pay debt service. Officials intend to use series 2022 bond proceeds to finance various capital-improvement projects as part of the capital improvement plan (CIP), including the first debt issued for the new police station....
