...S&P Global Ratings assigned its '###' long-term rating to Huntsville, Ala.'s series 2017A, 2017B, and 2017C warrants. At the same time, we affirmed our '###' rating on the city's previously issued general obligation (GO) debt and '##+' rating on the city's previously issued GO appropriation debt. The outlook is stable. The warrants constitute general obligations of the city for the payment of which the full faith, credit, and taxing power of Huntsville are irrevocably pledged. The property tax pledge in Alabama is limited; the state has statutory tax limitations that include levies for debt service. Although the property tax is technically a limited tax, our analysis focused on the strength of the full faith and credit pledge, which we view to be of equal credit quality as an unlimited tax general obligation. The series 2017A warrants will fund the costs of public school capital improvements including, among others, completion of certain public school buildings and other renovations and...
