Overland Park Development Corp., KS Bond Rating Outlook Revised To Positive From Negative On Improving Revenue

ENGLEWOOD (S&P Global Ratings) Aug. 7, 2023--S&P Global Ratings revised its outlook to positive from negative and affirmed its 'BB-' rating on Overland Park Development Corp. (OPDC), Kan.'s 2019 improvement and refunding revenue bonds (Overland Park Convention Center Hotel). The outlook revision reflects OPDC recovering transient guest tax revenues. "The positive outlook reflects our view that improving pledged revenues, and projections that indicate continued growth in revenues, will likely lead to continued sum sufficient debt service coverage and likely replenishment of the debt service reserve," said S&P Global Ratings credit analyst Alex Louie. "Further rating increases are contingent on the OPDC maintaining improved coverage levels and fully replenishing the DSR to $5.7 million, the amount initially at funded upon closing

...August 7, 2023 ENGLEWOOD (S&P Global Ratings) Aug. 7, 2023--S&P Global Ratings revised its outlook to positive from negative and affirmed its '##-' rating on Overland Park Development Corp. (OPDC), Kan.'s 2019 improvement and refunding revenue bonds (Overland Park Convention Center Hotel). The outlook revision reflects OPDC recovering transient guest tax revenues. "The positive outlook reflects our view that improving pledged revenues, and projections that indicate continued growth in revenues, will likely lead to continued sum sufficient debt service coverage and likely replenishment of the debt service reserve," said S&P Global Ratings credit analyst Alex Louie. "Further rating increases are contingent on the OPDC maintaining improved coverage levels and fully replenishing the DSR to $5.7 million, the amount initially at funded upon closing of the bonds," Mr. Louie added. The City of Overland Park's annual appropriation of the first 6% of the 9% transient guest tax (TGT), in accordance...

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