Summary: Huntsville Public Building Authority Huntsville, Alabama; Appropriations; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Huntsville, Ala.'s series 2017D and 2017E warrants. We also assigned our 'AA+' rating to the city's lease revenue refunding bonds series 2017. At the same time, we affirmed our 'AAA' rating on the city's previously issued general obligation (GO) debt and 'AA+' 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

...S&P Global Ratings assigned its '###' long-term rating to Huntsville, Ala.'s series 2017D and 2017E warrants. We also assigned our '##+' rating to the city's lease revenue refunding bonds series 2017. 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 2017D and 2017E warrants will refund certain maturities of the city's debt outstanding...

Summary