...S&P Global Ratings assigned its 'A' long-term rating to the El Centro Financing Authority, Calif.'s $20 million lease revenue bonds, 2021 series A (Library project). At the same time, S&P Global Ratings affirmed its 'A+' issuer credit rating (ICR) on the City of El Centro. The outlook is stable. The ICR reflects our forward-looking opinion of the city's overall creditworthiness, focusing on its capacity and willingness to meet financial commitments as they come due, and is not specific to any debt obligation. The lease revenue bonds are secured by lease rental payments by the city, as lessee, to the authority, as lessor, for the use of the leased property, which is the city's library and aquatic center. We rate these obligations one notch lower than the city ICR to account for the appropriation risk associated with the lease payment. The city has covenanted to budget and appropriate funds for the bonds' repayment, and has considered the affordability of the lease payment in its long-term...
