Standard&Poor's Ratings Services assigned its 'A-' rating to Monroe, La.'s sales tax increment revenue and refunding bonds series 2011, issued for the Garrett Road Economic Development Area (the district). The outlook is stable. The rating reflects our view of: Strong, 2.01x maximum annual debt service (MADS) coverage by pledged fiscal 2010 incremental sales tax revenues; Continued projected growth in the project area's sales tax base given its proximity and access to major transportation arteries; An adequate additional bonds test, equal to 1.33x MADS, coupled with a closed flow of funds for pledged state incremental sales tax and no plans to issue debt in the near term; The mandate to only use excess pledged state incremental sales tax revenues
