Summary: Greenfield, Indiana; General Obligation

S&P Global Ratings assigned its 'AA-' long-term rating and stable outlook to Greenfield, Ind.'s series 2016 general obligation (GO) bonds. The bonds are secured by ad valorem taxes against all taxable property in the city, subject to Indiana's circuit breaker legislation, which limits an individual taxpayer's property tax liability to a statutorily specified percentage of the property's gross AV and can result in a reduction in the aggregate property tax levy of taxing units to which it applies. Debt service is statutorily protected in Indiana, requiring issuers to distribute circuit-breaker losses, first, across nondebt service levies, and issuers have sufficient taxing capacity to absorb circuit-breaker losses without affecting debt service. Accordingly, we do not notch down due to the circuit

...S&P Global Ratings assigned its '##-' long-term rating and stable outlook to Greenfield, Ind.'s series 2016 general obligation (GO) bonds. The bonds are secured by ad valorem taxes against all taxable property in the city, subject to Indiana's circuit breaker legislation, which limits an individual taxpayer's property tax liability to a statutorily specified percentage of the property's gross AV and can result in a reduction in the aggregate property tax levy of taxing units to which it applies. Debt service is statutorily protected in Indiana, requiring issuers to distribute circuit-breaker losses, first, across nondebt service levies, and issuers have sufficient taxing capacity to absorb circuit-breaker losses without affecting debt service. Accordingly, we do not notch down due to the circuit breaker. Officials will use bond proceeds to expand and improve Greenfield Fire Station No. 2. The rating reflects the following factors:...

Summary