...S&P Global Ratings assigned its '##-' long-term rating to Douglasville, Ga.'s series 2016 general obligation (GO) refunding bonds. We also affirmed our '##-' on the city's outstanding GO debt and GO equivalent debt issued on their behalf by the Douglasville Convention and Conference Center Authority. The outlook is stable. The bonds are GOs of the city payable from ad valorem taxes that may be levied, without limit as to rate or amount, on all taxable property within its jurisdiction. The proceeds of the series 2016 bonds will be used for establishing an escrow fund sufficient, with earnings thereon, to pay the redemption price of $13.87 million aggregate principal amount of the city's series 2009 GO bonds maturing Feb. 1, 2020 through Feb. 1, 2029. The authority's bonds are limited obligations payable solely from amounts it received pursuant to an intergovernmental contract between the authority and the city. Under the contract, Douglasville's obligations are absolute and unconditional,...
