Overland Park, KS General Obligation Bond Rating Outlook Revised To Stable From Negative On Improved Revenue

ENGLEWOOD (S&P Global Ratings) Aug. 7, 2023--S&P Global Ratings revised its outlook to stable from negative and affirmed its 'AAA' rating on the City of Overland Park, Kan.'s existing general obligation (GO) bonds. "The outlook revision is due to the current mitigation of governance and economic profile risks related to the city's approach to managing Overland Park Development Corp. revenue bonds given hotel tax receipts have improved significantly in the past year, reducing the risk of default," said S&P Global Ratings credit analyst Alex Louie. Overland Park's full-faith-and-credit pledge, including an unlimited ad valorem tax levied on all taxable property, secures the GO bonds. The bond proceeds will be used to fund public safety and street improvements. A portion of

...August 7, 2023 ENGLEWOOD (S&P Global Ratings) Aug. 7, 2023--S&P Global Ratings revised its outlook to stable from negative and affirmed its '###' rating on the City of Overland Park, Kan.'s existing general obligation (GO) bonds. "The outlook revision is due to the current mitigation of governance and economic profile risks related to the city's approach to managing Overland Park Development Corp. revenue bonds given hotel tax receipts have improved significantly in the past year, reducing the risk of default," said S&P Global Ratings credit analyst Alex Louie. Overland Park's full-faith-and-credit pledge, including an unlimited ad valorem tax levied on all taxable property, secures the GO bonds. The bond proceeds will be used to fund public safety and street improvements. A portion of the city's GO debt outstanding is also payable, in part, from special assessments levied on property that benefited from improvements financed by the previously issued bonds. Our rating on these obligations...

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