...Standard & Poor's Ratings Services assigned its '##' long-term rating to the Nashville & Davidson County Metropolitan Government (Metro), Tenn.'s series 2016 general obligation (GO) refunding bonds. At the same time, Standard & Poor's affirmed its '##' long-term rating and underlying rating (SPUR) on Metro's parity bonds. The GO bonds are secured by a pledge of the city's full faith credit and resources and an agreement to levy an ad valorem property tax rate without limitation as to rate or amount secure the bonds. Officials plan to use bond proceeds to refund parity debt purely for present value savings. Standard & Poor's also affirmed its '##' SPUR on Metro's 2012A energy bonds, which are secured by net revenues from the District Energy System and, in the event of any deficiency, by ad valorem taxes to be levied on all taxable property in the metropolitan government without any limitation as to rate or amount. We view the unlimited-tax (UT) GO pledge as the stronger security. Standard...
