...S&P Global Ratings revised the outlook to stable from negative and affirmed its '##' long-term rating on the Metropolitan Government of Nashville and Davidson County, Tenn.'s (Metro) general obligation (GO) bonds outstanding and obligations supported by its nontax revenue pledge. At the same time, S&P Global Ratings assigned its '##' long-term rating to the Sports Authority of Metropolitan Government of Nashville and Davidson County's $225 million (preliminary) 2020 public improvement revenue bonds (MLS Project), supported by Metro's nontax revenue pledge. The outlook revision reflects our view of Metro's improved financial stability following the passage of its 2021 budget, the hallmark of which included an effective property tax rate increase of more than 35% for the general fund, and the defeat of a legal challenge to the property tax increase that sought to retroactively put the increase to a voter referendum. The 2021 budget, which carries conservative revenue assumptions, in our view,...
