...S&P Global Ratings assigned its '##-' rating to the City of Augusta, Kan.'s general obligation (GO) refunding and improvement bonds series 2019. At the same time, we have affirmed our '##-' rating on the city's parity GO obligations. The outlook is stable. The city's full-faith-and-credit pledge--including ad valorem taxes levied without limitation as to rate or amount on all taxable tangible property, both real and personal, within the city's territorial limits--secures the GO bonds. The series 2019 bonds will refund existing debt as well as fund an infrastructure project. Augusta's key credit factors continue to be generally stable. Financial metrics including budgetary performance, reserves, and liquidity are stable and should modestly improve through 2019. In addition, the city's economic metrics and debt profile remain weak, the latter due to debt outstanding as well as rising pension costs. The city's strong budgetary flexibility and manageable pension contribution compared to expenditures...
