...S&P Global Ratings assigned its '###' long-term rating to Charleston, S.C.'s series 2018 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on Charleston's GO debt outstanding and its '##+' long-term rating on Charleston Public Facilities Corp., S.C.'s installment-purchase revenue bonds (IPRBs) outstanding, issued for the city. The outlook is stable. The city's full faith and credit pledge and its agreement to levy ad valorem property taxes without limitation as to rate or amount secure the series 2018 bonds and Charleston's GO debt outstanding. Proceeds from the $15 million issue will fund recreational projects, including construction of a recreation center on Daniel Island, park and golf course renovations, and an athletic field. 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....
