...S&P Global Ratings assigned its '##+' long-term rating to Charleston, S.C.'s $27.36 million series 2020 taxable installment purchase revenue bonds (IPRBs). At the same time, S&P Global Ratings affirmed its '###' long-term rating on Charleston's general obligation (GO) debt outstanding and its '##+' long-term rating on Charleston Public Facilities Corp., S.C.'s IPRBs outstanding, issued for the city. The outlook is stable. Securing the corporation's IPRBs are installment purchase payments (or acquisition payments) from Charleston 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. We rate the IPRBs one notch below the rating on the...
