...Standard & Poor's Ratings Service assigned its '##+' rating and stable outlook to the Charleston Public Facilities Corp., S.C.'s series 2015 installment-purchase revenue bonds (IPRBs), issued for City of Charleston. At the same time, Standard & Poor's affirmed its '###' rating on Charleston's general obligation (GO) debt outstanding and '##+' rating on the city's appropriation debt outstanding. The outlook is stable. The bonds are obligations of Charleston Public Facilities Corp., payable by semi-annual installment payments of the city as dictated under a trust agreement. The trust estate primarily consists of amounts paid to the corporation under the agreement, which obligates the city to make installment payments that include an amount sufficient to cover annual debt service on the bonds. Installment payments are subject to annual appropriation by city council. Under the terms of the agreement, upon each payment, an undivided interest in the facilities equal to that percent of the purchase...
