Standard&Poor's Ratings Services assigned its 'AA' long-term rating to the Nashville&Davidson County Metropolitan Government (Metro), Tenn.'s nearly $370 million series 2013 general obligation (GO) refunding bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term and underlying rating (SPUR) on Metro's existing GO debt. The outlook on all ratings is stable. Factors that we believe continue to support the 'AA' ratings include our view of Metro's: Deep, diversified economic and employment base; Role as a regional economic center, which is evidenced by strong per capita retail sales; and Moderate overall debt levels, coupled with reasonable capacity to fund projects identified in its capital improvement program (CIP). In our view, the rating is constrained by
