S&P Global Ratings assigned its 'A+' long-term rating to Mount Vernon , Iowa's $2.5 million series 2025 general obligation (GO) capital loan notes. At the same time, we affirmed our ?A+? long-term and underlying ratings on the city's existing GO bonds and capital loan notes. The outlook is stable. The rating reflects the application of our criteria, " Methodology For Rating U.S. Governments ," published Sept. 9, 2024. The city's unlimited ad valorem tax GO pledge secures the existing bonds and series 2024 and 2025 capital loan notes. Series 2025 notes proceeds will be used to finance various capital improvement projects. The 'A+' long-term rating reflects our view of Mount Vernon's healthy market value growth in the past few years,
