...S&P Global Ratings affirmed its '##-' underlying rating (SPUR) on the Louisiana Local Government Environmental Facilities and Community Development Authority's bonds 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 (including a one-mill ad valorem tax levied for airport operations and passenger facility charges) and any lawfully available funds. However, the bonds are rated based solely on the city's lawfully available funds pledge, as the airport pledge lacks certain criteria factors that would allow us to assess it under existing criteria. 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. Given that the city's ability to pay the obligation is closely tied to its operations, we rate the bonds equal to our view of the city's general creditworthiness....
