Augusta, GAs Series 2018 Taxable Revenue Bonds Rated #AA#

Stocks and Financial Services Press Releases Tuesday February 13, 2018 09:08
CENTENNIAL--13 Feb--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Feb. 12, 2018--S&P Global Ratings assigned its 'AA' rating to the Augusta Urban Redevelopment Agency, Ga.'s series 2018 taxable revenue bonds, supported by the consolidated government of Augusta. The outlook is stable.

"The stable outlook reflects our opinion that Augusta will likely maintain its very strong budgetary flexibility and liquidity," said S&P Global Ratings credit analyst Daniel Hughes. "In addition, we believe Augusta's expanding local economy, position as a regional hub, and major local institutions, including Augusta University and Fort Gordon, provide additional rating stability."

The series 2018 revenue bonds are secured by a pledge of, and lien on, payments made by Augusta to the Urban Redevelopment Agency of Augusta pursuant to an Intergovernmental Redevelopment Contract, under which the consolidated government has agreed to make payments to the authority in amounts sufficient to pay principal and interest on the bonds. The consolidated government's obligation to make the payments is absolute and unconditional and will not expire as long as any of the bonds remain outstanding. Under the agreement, the consolidated government has pledged its full faith and credit, to the extent necessary to make the payments, and agreed to levy an annual ad valorem tax on all taxable property within the consolidated government's limits. Proceeds will be used to construct a mixed-use development consisting of market rate rental units and approximately 4,000 square feet of commercial space.

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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