Maumelle, AR#s Series 2018 Sales And Use Tax Bonds Rated #AA-#

Stocks and Financial Services Press Releases Friday July 6, 2018 11:25
CENTENNIAL--6 Jul--S&P Global Ratings
CENTENNIAL (S&P Global Ratings) July 5, 2018--S&P Global Rating has assigned its 'AA-' rating to Maumelle, Ark.'s series 2018 sales and use tax bonds. The outlook is stable.

"We expect the pledged revenue stream will likely remain steady as the city's economic base continues to expand," said S&P Global Ratings credit analyst Belle Wu. "We believe its participation in the Little Rock metropolitan statistical area will provide additional support for pledged revenue growth."

The rating reflects our opinion of the city's:
  • Participation in the broad and diverse Little Rock-North Little Rock-Conway metropolitan statistical area;
  • Strong debt service coverage (DSC) of approximately 2.33x maximum annual debt service (MADS) requirement; and
  • Lack of additional debt plans despite open lien provision allowing for additional parity debt.

The bonds are secured by collections from a one-half percent bond sales tax, a one-half percent use tax, and a one-half percent Continuing Sales and Use Tax approved by voters at a special election held on March 13, 2018. The bond sales and use tax will sunset once the series 2018 reach final maturity. The Continuing Sales and Use Tax is a permanent tax of the city and will not expire once the bonds are retired.

Officials plan to use bond proceeds for related infrastructure improvements and construction constituting a new interstate interchange.

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 S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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