...S&P Global Ratings assigned its 'A+' long-term rating to the Louisiana Local Government Environmental Facilities and Community Development Authority's series 2017 taxable revenue refunding bonds. At the same time, S&P Global Ratings affirmed its 'A+' underlying rating (SPUR) on the authority's parity debt outstanding. All debt was issued on behalf of the City of Monroe. The outlook is stable. Monroe is the obligor for the bonds, which are secured by net revenue of the city's airport and any lawfully available funds. However, we are rating the bonds based on the city's lawfully available funds pledge, as we believe this to be the stronger of the pledges. The lawfully available funds pledge does not include a dedicated ad valorem property tax, but does include other taxes, fees, charges, and other income that the city collects. We consider this pledge equivalent to an appropriations pledge, and therefore rate the bonds one notch below the implied general obligation rating. Officials will...
