Overland Park Development Corp. KS Bond Rating Raised Three Notches To 'BBB-' On Improved Revenues; Outlook Is Positive

ENGLEWOOD (S&P Global Ratings) Nov. 14, 2024--S&P Global Ratings raised its rating three notches to 'BBB-' from 'BB-' on Overland Park Development Corp. (OPDC), Kan.'s 2019 improvement and refunding revenue bonds (Overland Park Convention Center Hotel). The outlook is positive. "The raised rating reflects an improvement in OPDC transient guest tax revenues, showing a recovery of pledged revenues, and the expectation that the city will fully replenish the debt service reserve fund with the March 1, 2025, payment," said S&P Global Ratings credit analyst Alex Louie. We could revise the outlook to stable if pledged revenues decline despite replenishment of the debt service reserve (DSR). We could take a negative rating action if pledged revenues begin to decline and the

...November 14, 2024 ENGLEWOOD (S&P Global Ratings) Nov. 14, 2024--S&P Global Ratings raised its rating three notches to '###-' from '##-' on Overland Park Development Corp. (OPDC), Kan.'s 2019 improvement and refunding revenue bonds (Overland Park Convention Center Hotel). The outlook is positive. "The raised rating reflects an improvement in OPDC transient guest tax revenues, showing a recovery of pledged revenues, and the expectation that the city will fully replenish the debt service reserve fund with the March 1, 2025, payment," said S&P Global Ratings credit analyst Alex Louie. We could revise the outlook to stable if pledged revenues decline despite replenishment of the debt service reserve (DSR). We could take a negative rating action if pledged revenues begin to decline and the DSR is not replenished during our outlook period. We could raise the rating if pledged revenue improvements are sustained and the DSR is fully replenished and maintained....

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