The 'AA-' rating on Nashville and Davidson County Metropolitan Government, Tenn.'s district energy system revenue bonds reflects: Nashville and Davidson County Metropolitan Government's general creditworthiness ('AA' GO debt rating); Continued economic diversification and expansion; Above-average wealth and income levels; Relatively low tax rates; Sound financial performance and an improved financial position; and Moderate overall debt levels, coupled with a manageable capital improvement program. A pledge of net system revenues and an appropriation pledge of the Nashville and Davidson County Metropolitan Government secure the bonds. Bond proceeds will fund the design and construction of a new steam and chilled-water generating energy distribution system, which will replace an existing energy generating facility in downtown Nashville, Tenn. that is owned by the metropolitan
