Summary: Danville, Virginia; General Obligation; Moral Obligation

S&P Global Ratings has assigned its 'AA-' rating to Danville, Va.'s series 2018 general obligation (GO) public improvement bonds. At the same time, S&P Global Ratings affirmed its 'AA-' rating on the city's GO debt outstanding and its 'A-' rating on the Danville-Pittsylvania Regional Industrial Facilities Authority's revenue bonds outstanding, based on Danville and Pittsylvania County's moral obligation pledge. The outlook is stable. Danville's full-faith-and-credit pledge and its agreement to levy ad valorem property taxes without limitation as to rate or amount secure its GO bonds. The $7.37 million of bond proceeds will finance various capital improvements. We base the authority's revenue bond rating on the weaker of the city and county's moral obligation pledges, and it reflects the 'AA-'

...S&P Global Ratings has assigned its '##-' rating to Danville, Va.'s series 2018 general obligation (GO) public improvement bonds. At the same time, S&P Global Ratings affirmed its '##-' rating on the city's GO debt outstanding and its 'A-' rating on the Danville-Pittsylvania Regional Industrial Facilities Authority's revenue bonds outstanding, based on Danville and Pittsylvania County's moral obligation pledge. The outlook is stable. Danville's full-faith-and-credit pledge and its agreement to levy ad valorem property taxes without limitation as to rate or amount secure its GO bonds. The $7.37 million of bond proceeds will finance various capital improvements. We base the authority's revenue bond rating on the weaker of the city and county's moral obligation pledges, and it reflects the '##-' GO rating on Danville. Our rating is three notches below our view of Danville's general creditworthiness as reflected in the GO rating to reflect the moral obligation of the city and county to appropriate...

Summary