Summary: Nashville&Davidson County Metropolitan Government, Tennessee; CP

S&P Global Ratings affirmed its 'A-1+' short-term rating on Nashville&Davidson County Metropolitan Government (Metro), Tenn.'s series 2014 commercial paper (CP) program, which will transition to the series 2017 CP program with a larger authorization amount. We base the rating on the general creditworthiness of Metro (general obligation [GO] debt rating: AA/Stable). The CP notes constitute bond anticipation notes and are direct GO obligations of Metro, secured by the government's unlimited ad valorem taxing power. The CP program will be used to provide interim financing of various capital projects in the Metro and to refinance CP outstanding. Metro is expanding its $200 million series 2014 extendible CP program with a larger authorization of $325 million with the series 2017

...S&P Global Ratings affirmed its 'A-1+' short-term rating on Nashville & Davidson County Metropolitan Government (Metro), Tenn.'s series 2014 commercial paper (CP) program, which will transition to the series 2017 CP program with a larger authorization amount. We base the rating on the general creditworthiness of Metro (general obligation [GO] debt rating: ##/Stable). The CP notes constitute bond anticipation notes and are direct GO obligations of Metro, secured by the government's unlimited ad valorem taxing power. The CP program will be used to provide interim financing of various capital projects in the Metro and to refinance CP outstanding. Metro is expanding its $200 million series 2014 extendible CP program with a larger authorization of $325 million with the series 2017 extendible CP program resolution. Metro will maintain a total amount of $500 million in the CP program but is increasing the authorization for the extendible CP to save costs on fees. The series 2017 extendible CP...

Summary