Ratings Suspended On Various Alabama Counties Due To Lack Of Timely Information

NEW YORK (S&P Global Ratings) Feb. 1, 2019--S&P Global Ratings has suspended 
various underlying and long-term ratings on the following Alabama counties:
  • Etowah County
  • Madison County
  • Colbert County
  • Monroe County
  • Crenshaw County
This action follows repeated attempts by S&P Global Ratings to obtain timely 
information of satisfactory quality to maintain our rating on the securities 
in accordance with our applicable criteria and policies. Prior to suspending 
these ratings, S&P Global Ratings took any rating actions on those counties 
that we considered appropriate given available information. 

We understand that the fiscal 2017 audits are still under review by the State 
of Alabama Examiners of Public Accounts as required by state law for the above 
listed issuers. To satisfy our quality of information standards and maintain 
the rating, we expected to receive these audits by year end. If an issuer's 
audit is completed and we receive information that we consider sufficient and 
of satisfactory quality, we will conduct a review and take a rating action 
within 90 days of the rating suspension to reinstate the rating. However, 
failure to receive the requested information will likely result in our 
withdrawal of the affected rating.