Summary: Metropolitan Government of Nashville and Davidson County, Tennessee; CP

S&P Global Ratings affirmed its 'A-1+' short-term rating on Metropolitan Government of Nashville and Davidson County (Metro), Tenn.'s series 2017 B-1 (GO) commercial paper (CP) notes following a credit facility extension and substitution. At the same time, S&P Global Ratings affirmed its 'A-1+' short-term rating on Metro's series 2014 extendible CP program, which transitioned to the series 2017 CP program with a larger authorization amount. The short-term CP rating is based on Metro's long-term general creditworthiness (AA/Negative), reflecting its self-liquidity and ability to access capital markets or other means to rollover or take out CP draws or bank notes issued under its revolving credit agreement in the case of the nonextendible program. The CP notes and any bank notes issued

...S&P Global Ratings affirmed its 'A-1+' short-term rating on Metropolitan Government of Nashville and Davidson County (Metro), Tenn.'s series 2017 B-1 (GO) commercial paper (CP) notes following a credit facility extension and substitution. At the same time, S&P Global Ratings affirmed its 'A-1+' short-term rating on Metro's series 2014 extendible CP program, which transitioned to the series 2017 CP program with a larger authorization amount. The short-term CP rating is based on Metro's long-term general creditworthiness (##/Negative), reflecting its self-liquidity and ability to access capital markets or other means to rollover or take out CP draws or bank notes issued under its revolving credit agreement in the case of the nonextendible program. The CP notes and any bank notes issued under Metro's 2017B-1 credit facility (through a revolving credit agreement) constitute bond anticipation notes and are direct GO obligations of Metro, secured by the government's unlimited ad valorem taxing...

Summary