CHICAGO (S&P Global Ratings) Dec. 26, 2018--S&P Global Ratings lowered its long-term rating to 'BB' from 'A-' on the Government of Guam's (GovGuam) series 2011A hotel occupancy tax (HOT) revenue bonds upon the implementation of our priority-lien tax revenue debt criteria, published Oct. 22, 2018. The outlook is stable. "The rating action reflects our view of the territory's general creditworthiness, which, under the new criteria, limits the final ratings on priority-lien tax revenue debt," said S&P Global Ratings credit analyst Timothy Little. The priority lien rating on the bonds is limited to one notch above our view of GovGuam's creditworthiness (BB-/Stable general obligation rating, or GO, rating) and is constrained from going higher unless there is an improvement in the government GO rating. In our view, the bonds do not benefit from limited scope of operations or extraordinary expenditure flexibility of the obligated