S&P Global Ratings assigned its 'A+' long-term rating and stable outlook to Elizabethton, Tenn.'s roughly $4.25 million series 2020 general obligation (GO) school and improvement bonds and affirmed its 'A+' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's existing GO debt. Elizabethton's full-faith-and-credit pledge, including an unlimited-ad valorem-tax levy on all taxable property within corporate city limits, secures the GO bonds. Officials intend to use series 2020 bond proceeds to fund Elizabethton's various capital projects. Although Elizabethton drew down available reserves from fiscal years 2017-2019, we expect budgetary performance will likely remain, at least, adequate and reserves will likely remain very strong for the next two fiscal years. In addition to adopting a balanced budget
