Summary: Tennessee Local Development Authority; State Revolving Funds/Pools

S&P Global Ratings lowered its rating to 'AA' from 'AA+' on the Tennessee Local Development Authority's bonds outstanding and removed the rating from CreditWatch with negative implications, where it was placed it on May 28, 2019. The outlook is stable. The downgrade reflects our assessment of the bonds based on the application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors? Creditworthiness" criteria (published Jan. 22, 2018, on RatingsDirect). The bonds had been placed on CreditWatch reflecting, in part, a decline in the number of participants below ten in the pool as the program has wound down. A further decline in the number participants will not have an effect on the rating. The bonds are no longer rated

...S&P Global Ratings lowered its rating to '##' from '##+' on the Tennessee Local Development Authority's bonds outstanding and removed the rating from CreditWatch with negative implications, where it was placed it on May 28, 2019. The outlook is stable. The downgrade reflects our assessment of the bonds based on the application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Jan. 22, 2018, on RatingsDirect). The bonds had been placed on CreditWatch reflecting, in part, a decline in the number of participants below ten in the pool as the program has wound down. A further decline in the number participants will not have an effect on the rating. The bonds are no longer rated based on our "U.S. Public Finance Long-Term Municipal Pools: Methodology And Assumptions" criteria (published March 19, 2012). The bonds are rated two notches lower than the general creditworthiness of the state, reflecting our assessment of the obligation's relationship...

Summary