Summary: Keokuk, Iowa; General Obligation

S&P Global Ratings assigned its 'A' rating to Keokuk, Iowa's roughly $4.995 million series 2023 general obligation (GO) capital-loan notes. S&P Global Ratings also affirmed its 'A' rating on the city's existing GO debt. The outlook is stable. The city's unlimited-ad valorem-tax GO pledge secures the bonds. Officials intend to use series 2023 note proceeds to fund various street improvement projects. Keokuk, located in southeastern Iowa on the Mississippi River, has an employment base centered on manufacturing. The city has experienced consistent population decline, coupled with below-average wealth and income metrics. Although the city's tax base is concentrated, with its leading taxpayers accounting for 36.7% of total valuation, concentration among the top taxpayers is distributed, with Roquette America, a specialty

...Most recent Historical information 2021 2020 2019 Very weak economy Projected per capita EBI % of U.S. 66.3 Market value per capita ($) 67,852 Population 9,723 9,873 10,067 County unemployment rate (%) 5.9 Market value ($000) 659,728 645,826 651,739 Top 10 taxpayers % of taxable value 36.7 Adequate budgetary performance Operating fund result % of expenditures -3.9 0.0 1.5 Total governmental fund result % of expenditures 3.2 12.0 1.4 Strong budgetary flexibility Available reserves % of operating expenditures 15.8 20.7 20.4 Total available reserves ($000) 1,495 1,862 1,770 Very strong liquidity Total government cash % of governmental fund expenditures 44.8 41.6 52.5 Total government cash % of governmental fund debt service 337.6 320.9 394.3 Adequate management Financial Management Assessment Standard Weak debt & long-term liabilities Debt service % of governmental fund expenditures 13.3 13.0 13.3 Net direct debt % of governmental fund revenue 211.2 Overall net debt % of market value 4.6 Direct...

Summary