Atlanta & Fulton County Recreation Authority, GA 2014A&B Bond Rating Raised To 'AA+' From 'A+' On Criteria Application


NEW YORK (S&P Global Ratings) Jan. 11, 2019--S&P Global Ratings raised its 
long-term rating on Atlanta & Fulton County Recreation Authority, Ga.'s series 
2014A and 2014B taxable bonds three notches to 'AA+' from 'A+'. S&P Global 
Ratings also raised its long-term rating on Georgia Municipal Association's 
(GMA) series 2016 refunding installment sale program certificates of 
participation (COPs) issued on behalf of the City of Atlanta two notches, to 
'AA-' from 'A'. The outlook is stable.

The upgrades reflect the application of S&P Global Ratings' criteria "Issue 
Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness," 
published Jan. 22, 2018.

The series 2014A and 2014B bonds are special limited obligations of the 
authority with debt service payable from amounts received by the authority 
from the city under an intergovernmental contract. Although the city's 
obligation to make payments under the contract is limited to amounts it 
receives from the collection of the park tax, the city maintains fungibility 
of its resources and its ability to manage those resources, supporting our 
view of its overall ability and willingness to pay. Therefore, we rate these 
obligations on par with our view of the city's general creditworthiness.  

Securing the series 2016 COPs are installment payments made by the city to the 
GMA, which assigned all interest in the installment payments to the trustee. 
We rate this obligation two notches lower than the city's general 
creditworthiness to account for the appropriation risk associated with the 
installment payment, and factors regarding the obligation's relationship to 
the obligor, which we believe increase risk of non-appropriation.

"Our view of Atlanta's general creditworthiness is supported by the city's 
robust local economy, which continues to be one of the most rapidly growing 
metro areas in the country, as well as its stable financial profile supported 
by what we consider good management policies and practices," said S&P Global 
Ratings credit analyst Tiffany Tribbitt.

The stable outlook on the bonds and COPs is equivalent to, and moves in tandem 
with, our view of the city's general creditworthiness. However, if our view of 
the city's involvement and support of the COPs were to weaken, we could lower 
the appropriation rating.
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