St. George, UT Series 2017 Tax Revenue And Refunding Bonds Assigned #AA-# Rating

Stocks and Financial Services Press Releases Wednesday October 11, 2017 08:56
SAN FRANCISCO--11 Oct--S&P Global Ratings
SAN FRANCISCO (S&P Global Ratings) Oct. 10, 2017--S&P Global Ratings assigned its 'AA-' long-term rating to St. George, Utah's excise tax revenue and refunding bonds, series 2017. The outlook is stable.

The bonds are secured by payments made by Washington County to St. George under an interlocal agreement established in 2009. The county has agreed to provide $700,000 annually of its tourism, recreation, cultural, and convention (TRCC) tax revenue and, if this is insufficient, any legally available funds of the county. The majority of the proceeds from the sale of the bonds will be used to refund the city's existing privately placed series 2009A and 2009B excise tax revenue bonds, while a small portion will be used to finance the cost of airport improvements.

"The rating reflects our view of the county's non-ad valorem pledge to provide any legally available funds, given that the series 2017 maximum annual debt service payment is slightly less than the county's TRCC tax pledge and because the county can obligate TRCC revenue on a parity basis," said S&P Global Ratings credit analyst Chris Morgan. "Currently the county's resources significantly exceed the $700,000 annual payment, including $3.6 million in total TRCC revenue in 2016 and an available fund balance of $7.7 million at the end of the year," Mr. Morgan added.

The stable outlook reflects our view of the county's general creditworthiness and that the city will fulfill the requirements of the interlocal agreement. We do not expect to change the rating within our two-year outlook horizon.

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