S&P Global Ratings placed its 'AA+' rating on Tennessee Local Development Authority's bonds outstanding on CreditWatch with negative implications. The CreditWatch placement reflects the decline in the number of participants in the pool as the program has wound down. As the number of participants has dropped below ten, the remaining bonds could now reflect the lowest-rated participant depending on our view of the level of pledged reserves available to avail the authority of any shortfall. We will resolve the CreditWatch once we complete our review of the creditworthiness of the remaining participants and reserves.
