...S&P Global Ratings assigned its 'SP-1+' short-term rating to Augusta, Kan.'s series 2017-1 general obligation (GO) temporary notes and affirmed its '##-' long-term rating, with a stable outlook, on the city's existing GO debt. The short-term rating reflects our view of the city's long-term rating and low market-risk profile, including the authority to issue take-out debt and the availability of pertinent disclosure information. State law requires the authorization of long-term take-out GO debt before the issuance of temporary notes. The series 2017-1 notes are a GO of the city, secured by its full-faith-credit-and-resources pledge. Officials plan to use series 2017-1 note proceeds to provide temporary financing for street improvements. 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. In addition, a pledge...
