...S&P Global Ratings assigned its '##+' long-term rating to the Charleston Public Facilities Corp., S.C.'s series 2017 installment-purchase revenue bonds (IPRBs), issued for City of Charleston. At the same time, we affirmed our '###' long-term rating on Charleston's general obligation (GO) debt outstanding and our '##+' long-term rating on the city's appropriation debt outstanding. The outlook is stable. The city makes installment purchase payments (or acquisition payments) to the Charleston Public Facilities Corp. sufficient to cover annual debt service on the bonds, which are subject to annual appropriation by city council. In addition, the city has agreed to provide for the necessary insurance, taxes, and maintenance on the facilities. Despite the lack of a debt service reserve fund, debt service payments for each year starting on March 1, three months after the start of the fiscal year, mitigate the risk of late budget adoption. Bond proceeds will continue to fund costs associated with...
