S&P Global Rating affirmed its 'BBB+' long-term rating on Shreveport, La.'s series 2015A taxable revenue and refunding bond, issued for the Shreveport Airport Authority. The outlook is stable. The series 2015A bonds are secured by two revenue pledges. The first revenue stream consists of the net revenues of the airport authority. Secondly, the city has pledged and dedicated its lawfully available funds for the payment of debt service on the bonds but only if passenger facility charge and net system revenues are insufficient to pay debt service. S&P Global Ratings considers this pledge to be equivalent to a non-ad valorem pledge. Because the bonds are backed by pledges of multiple revenues, we rate them pursuant to our "Methodology: Rating Approaches
