Summary: Nashville&Davidson County Metropolitan Government, Tennessee; Appropriations; CP; Miscellaneous Tax; Water/Sewer

Standard&Poor's Ratings Services assigned its 'A-1+' short-term rating to Nashville&Davidson County Metropolitan Government (Metro), Tenn.'s $100 million series 2015 extendible maturity water and sewer revenue commercial paper (CP) notes. We also affirmed our 'A-1+' rating on Metro's $200 million series A commercial paper (CP) notes. In addition, we affirmed the 'AA-' long-term ratings on Metro's closed prior (first) lien and prior (second) lien debt. The prior second lien is Metro's working lien, with which we expect management to use when the CP notes are to be retired with long-term debt. Of the $840 million in total long-term debt across all liens, roughly $560 million is at the senior subordinate lien level. We also affirmed the 'A+'

...Standard & Poor's Ratings Services assigned its 'A-1+' short-term rating to Nashville & Davidson County Metropolitan Government (Metro), Tenn.'s $100 million series 2015 extendible maturity water and sewer revenue commercial paper (CP) notes. We also affirmed our 'A-1+' rating on Metro's $200 million series A commercial paper (CP) notes. In addition, we affirmed the '##-' long-term ratings on Metro's closed prior (first) lien and prior (second) lien debt. The prior second lien is Metro's working lien, with which we expect management to use when the CP notes are to be retired with long-term debt. Of the $840 million in total long-term debt across all liens, roughly $560 million is at the senior subordinate lien level. We also affirmed the 'A+' rating on Metro's $120 million in subordinate (third) lien revenue bonds. The outlook on all long-term debt is stable. We also affirmed the '##-' rating on the Nashville & Davidson County Metropolitan Government Sports Authority's revenue bonds. The...

Summary