S&P Global Ratings lowered its rating on Story City , Iowa?s general obligation (GO) debt to 'A+ ' from 'AA-'. The outlook is stable. The downgrade reflects our view of high debt compared with that of peers following the city?s multiple privately placed debt issuances and increased tax base concentration. Story City?s unlimited-tax GO pledge secures the existing GO bonds. The downgrade reflects our view of the city?s high debt as a percentage of budget and on a per-capita basis when compared with that of peers, with costs of debt and liabilities north of 30% of total governmental fund revenue and increasing, albeit somewhat supported by tax increment financing revenue that alleviates the cost burden of individual taxpayers. Furthermore, Story
