Maryville, TN GO Rating Raised To #AA+# On New Management Practices And Policies

Stocks and Financial Services Press Releases Thursday April 26, 2018 09:49
CENTENNIAL--26 Apr--S&P Global Ratings
CENTENNIAL (S&P Global Ratings) April 25, 2018--S&P Global Ratings raised its long-term rating on Maryville, Tenn.'s general obligation (GO) debt one notch, to 'AA+' from 'AA'.
At the same time, S&P Global Ratings assigned its 'AA+' long-term rating to the city's series 2018 GO bonds. The outlook is stable.

"The rating change is based on the formalization and implementation of several comprehensive management practices and policies," said S&P Global Ratings credit analyst Belle Wu. "The stable outlook reflects our view that Maryville will maintain very strong reserves and liquidity through strong budgetary performance. Furthermore, we believe the city's diverse and growing economic base will continue to provide additional credit support."

The bonds are secured by the city's full faith and credit pledge, payable from the levy of an unlimited-ad valorem tax on all taxable property within the corporate limits of the city.

The city's existing series 2017B are secured primarily by a pledge of net revenues from the city's water and sewer system, subject to prior pledges of such net revenues in favor of the city's outstanding water and sewer obligations. In the event such net revenues are insufficient, the series 2017B bonds are payable from unlimited-ad valorem taxes to be levied on all taxable property within the city. The city's existing series 2008B water and sewer revenue and tax bonds are secured by an unlimited-ad valorem pledge on all taxable property within the corporate limits of the city, and further secured by a pledge of net revenues to be derived from the city's utility system. The city's existing series 2010 bonds are secured by an unlimited-ad valorem pledge on all taxable property within the corporate limits of the city, and are further secured by revenues derived from the electrical distribution system. We view the GO pledge as stronger than the net revenue pledge; therefore, we rate the series 2017B, the series 2008B, and the series 2010 bonds to the strength of the GO pledge.

Proceeds from the bonds will be used to fund various capital projects.

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