...S&P Global Ratings has assigned its '##+' long-term rating to Huntsville, Ala.'s $37.85 million series 2021 Public Building Authority taxable lease revenue bonds. At the same time, S&P Global Ratings affirmed its '###' rating on the city's previously issued general obligation (GO) debt, and its '##+' rating on the city's previously issued GO appropriation debt. The outlook is stable. Lease-rental payments made to the Huntsville Public Building Authority from the city, under a lease agreement, secure the city's appropriation debt. The lease terms and features are standard and there is no risk of abatement, in our view. We rate these obligations one notch lower than the city's general creditworthiness to account for the appropriation risk associated with the lease payments. Proceeds from the issuance will support the construction of an 8,000-person capacity amphitheater and food village. The city's full faith and credit secures the GO warrants. The property tax pledge in Alabama is limited;...
