...July 29, 2022 CHICAGO (S&P Global Ratings) July 29, 2022--S&P Global Ratings raised its long-term rating on Story City, Iowa's general obligation (GO) debt to '##-' from 'A+'. The outlook is stable. The city's unlimited-tax GO pledge secures its existing GO bonds. "The upgrade reflects the city's improved economic metrics, strong operational performance, and an increased cash reserve," said S&P Global Ratings credit analyst David Smith Story City exhibited steady tax base growth in recent years, which it expects will continue. The city's operational performance has been characterized by a trend of positive operations, which has led to a doubling of its cash reserve during the past five years. The city's debt burden, while high, is partially offset by aggressive amortization. Its pensions do not represent a medium-term credit pressure. The '##-' rating reflects our view of the city's adequate economy, very strong cash reserve, weak debt profile, and adequate management. We could lower the...
