Summary: Pigeon Forge, Tennessee; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AA' long-term rating to Pigeon Forge, Tenn.'s series 2016 general obligation (GO) refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city's parity GO bonds, some of which were issued by the Pigeon Forge Industrial Development Board and the Sevier County Public Building Authority. The outlook on all ratings is stable. The city's unlimited ad valorem taxes levied on all property within the city's corporate limits secure the 2016 bonds. We understand that bond proceeds will be used to refund the city's outstanding debt for savings. The GO-equivalent bond is secured by a direct tax levied by the city. In addition, the city's lawfully

...S&P Global Ratings assigned its '##' long-term rating to Pigeon Forge, Tenn.'s series 2016 general obligation (GO) refunding bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating and underlying rating (SPUR) on the city's parity GO bonds, some of which were issued by the Pigeon Forge Industrial Development Board and the Sevier County Public Building Authority. The outlook on all ratings is stable. The city's unlimited ad valorem taxes levied on all property within the city's corporate limits secure the 2016 bonds. We understand that bond proceeds will be used to refund the city's outstanding debt for savings. The GO-equivalent bond is secured by a direct tax levied by the city. In addition, the city's lawfully available funds pledged to the lease payments are defined in the loan agreement as the direct annual tax levied by the city, along with net revenues derived from the operation of the facilities and from certain tourism development zone sales tax revenues,...

Summary