Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Nashville and Davidson County Metropolitan Government, Tenn.'s $68.915 million series 2004 GO multipurpose bonds. The rating reflects the county's: Continued economic diversification and expansion; Above-average wealth and income levels; Relatively low property tax rates; and Moderate overall debt levels, coupled with a manageable capital improvement program. The recent trend of general fund drawdowns, which has reduced reserves to adequate levels, is an offsetting credit factor. The metropolitan government's full faith and credit pledge secures the bonds. State government and higher education anchor the state capital of Nashville, Tenn.'s diverse regional economy. The health care and business services, wholesale and retail sales, government, automotive manufacturing, and higher education
