Summary: Greer, South Carolina; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA' issuer credit rating (ICR) to Greer, S.C., and its 'AA-' long-term rating to the city's series 2017A and 2017B installment purchase revenue bonds. The outlook is stable. The installment purchase revenue bonds of The Greer Trust, a nonprofit corporation, supported by the city, are payable solely from, and secured by, amounts pledged under the trust agreement, including installment payments. The city leases the land on which the projects will be located and conveys the existing improvements to the corporation pursuant to a base lease and conveyance agreement. The city purchases the real property and the projects from the corporation under an installment-purchase-and-use agreement. In the agreement, the city pledges to put forth its best

...S&P Global Ratings assigned its '##' issuer credit rating (ICR) to Greer, S.C., and its '##-' long-term rating to the city's series 2017A and 2017B installment purchase revenue bonds. The outlook is stable. The installment purchase revenue bonds of The Greer Trust, a nonprofit corporation, supported by the city, are payable solely from, and secured by, amounts pledged under the trust agreement, including installment payments. The city leases the land on which the projects will be located and conveys the existing improvements to the corporation pursuant to a base lease and conveyance agreement. The city purchases the real property and the projects from the corporation under an installment-purchase-and-use agreement. In the agreement, the city pledges to put forth its best efforts to seek an annual appropriation to make the installment payments out of all legally available sources. The '##-' long-term rating assignment reflects this appropriation risk. The '##' ICR is based on the general...

Summary