...July 16, 2019 NEW YORK (S&P Global Ratings) July 16, 2019--S&P Global Ratings lowered its rating on the Dodge City, Kan.'s refunding revenue bonds and parity sales tax revenue bonds to 'A' from 'A+'. The outlook is stable. "The lower rating reflects our 'Priority-Lien Tax Revenue Debt' criteria, which factors in both the strength and stability of the pledged revenues, as well as the general credit quality of the city," said S&P Global Ratings credit analyst Kaiti Vartholomaios. The criteria were published Oct. 22, 2018, on RatingsDirect. While debt service coverage (DSC) remains stable, the downgrade reflects the implementation of our "Priority-Lien" criteria, specifically our use of the city's weaker additional bonds test as the baseline for our analysis of coverage and liquidity. Under the provisions of the indenture, the 2016 bonds are secured by the city's sales tax, its portion of the county sales tax, and the county's portion of the county sales tax. Pledged revenue, held in a separate...
