Standard&Poor's Ratings Services assigned its 'A-1+' short-term rating to Nashville&Davidson County Metropolitan Government (Metro), Tenn.'s series 2014 general obligation (GO) extendable commercial paper (ECP) notes. The rating is based on the general creditworthiness of Metro (AA/Stable GO debt rating). The ECP constitutes bond anticipation notes and are direct GO obligations of Metro, secured by the government's unlimited ad valorem taxing power. The city is not able to issue notes that mature beyond Jan. 1, 2019. The program will operate concurrently with the city's series A-1 and A-2 GO commercial paper programs. The ECP notes will be issued with original maturities of up to 90 days. In addition, the notes may be automatically extended to 270 days
