Greer, SC Assigned #AA# Issuer Credit Installment Purchase Revenue Bonds Rated #AA-#

Stocks and Financial Services Press Releases Wednesday November 15, 2017 08:47
DALLAS--15 Nov--S&P Global Ratings

DALLAS (S&P Global Ratings) Nov. 14, 2017--S&P Global Ratings assigned its 'AA' issuer credit rating to Greer, S.C., and its 'AA-' long-term rating to the city's series 2017A and 2017B installment purchase revenue bonds. The outlook is stable.

Under an installment-purchase-and-use agreement, the city pledges to put forth its best efforts to seek an annual appropriation to make the installment payments out of all legally available sources. The 'AA-' long-term rating assignment reflects this appropriation risk.

Proceeds from the bonds will be used to finance a parking facility, infrastructure and streetscape, and improvements to the city's cultural arts center and park.

"The issuer credit rating reflects our opinion of the city's strong management and very strong budgetary performance, budgetary flexibility, and liquidity," said S&P Global Ratings credit analyst Karolina Norris.

The stable outlook reflects our expectation that the city will continue to benefit from participation in the broad and diverse economies of Greenville and Spartanburg Counties, and that it will likely maintain very strong budgetary performance, flexibility, and liquidity, supported by strong management practices. Consequently, we don't anticipate changing the rating within the two-year outlook horizon.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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