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

S&P Global Ratings has assigned its 'AA+' long-term rating to Huntsville Public Building Authority, Ala.'s $70.9 million series 2022 lease revenue bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the City of Huntsville's previously issued general obligation (GO) warrants, and its 'AA+' rating on the city's previously issued GO appropriation warrants. 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. 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

...S&P Global Ratings has assigned its '##+' long-term rating to Huntsville Public Building Authority, Ala.'s $70.9 million series 2022 lease revenue bonds. At the same time, S&P Global Ratings affirmed its '###' rating on the City of Huntsville's previously issued general obligation (GO) warrants, and its '##+' rating on the city's previously issued GO appropriation warrants. 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. 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 a new city hall building. The city's full faith and credit secures the GO warrants. The property tax pledge in Alabama is limited; the state has statutory tax...

Summary