...Standard & Poor's Ratings Services has affirmed its '##+' long-term rating on the Tennessee Local Development Authority's bonds outstanding. The outlook is stable. The rating reflects the combination of a very strong enterprise risk profile and an extremely strong financial risk profile. The very strong enterprise risk profile reflects the authority's low industry risk score, coupled with this specific program's strong market position. Tennessee Local Development Authority was created by an act of the state legislature in 1978 and is governed by its members, which consist of the governor, comptroller of the treasury, secretary of state, the state treasurer, and the commissioner of finance and administration. The authority has been managing this state loan program for decades, although no future government support or equity contributions are expected. The level of loan activity has diminished in recent years and the perpetual nature of the program is uncertain. After the March 1, 2016 payment,...
