S&P Global Ratings has assigned its 'AAA' long-term rating to Huntsville, Ala.'s series 2019A general obligation (GO) warrants. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the city's previously issued GO debt, and its 'AA+' rating on the city's previously issued GO appropriation debt. The outlook is stable. The city's full faith and credit secures the warrants. 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 limited, our analysis focuses on the strength of the city's full-faith-and-credit pledge, which we view to be of equal credit quality as an unlimited-tax GO. Based on the application of our "Issue Credit
