...S&P Global Ratings assigned its 'A+' rating and stable outlook to Elizabethton, Tenn.'s series 2016 general obligation (GO) refunding and improvement bonds and affirmed its 'A+' rating, with a stable outlook, on the city's existing GO debt. The city's full-faith-and-credit pledge, payable from the levy of an unlimited ad valorem tax on all taxable property within the city's corporate city limits, secures the bonds. In addition, the city has secured its series 2013 GO school refunding and improvement bonds with a portion of the local-option sales-and-use tax designated for schools, subject to any prior pledges. However, we view the unlimited-ad valorem-tax pledge as the strongest pledge. Therefore , we rate the bonds based on the GO criteria. We understand officials intend to use a portion of series 2016 bond proceeds to finance the acquisition, development, construction, equipping, and improvement of police, public safety, parks, and other recreational buildings and facilities. In addition,...
