...S&P Global Ratings Services assigned its '##+' rating to Brownsburg Redevelopment Authority, Ind.'s series 2016 economic development lease rental revenue refunding bonds issued on behalf of Brownsburg, Ind. At the same time, S&P Global Ratings affirmed its '##+' long-term ratings on the town's previously rated debt. The outlook on all ratings is stable. The series 2016 bonds are secured by lease rental payments. Securing the lease is a special benefits tax (ad valorem property tax) on all taxable property within the territorial limits of the district, which is coterminous with the town. The town's and district's aggregate property tax levy is subject to the circuit-breaker limitations, yet all debt service levies are levied to their full extent, with any circuit-breaker losses first distributed across nondebt service levies. Lease payments are not subject to annual appropriation, but there is abatement risk. Mitigating this risk, however, is a requirement that the lessee maintains business...
