Summary: Mount Vernon, Iowa; General Obligation

S&P Global Ratings assigned its 'AA-' long-term rating to Mount Vernon, Iowa's series 2019 general obligation (GO) refunding capital loan notes, and affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the city's existing GO debt. The outlook on all ratings is stable. The 'AA-' long-term rating reflects our view of the city's economic metrics, which we consider weak but which are possibly being curtailed slightly as the presence of Cornell College is likely affecting both income levels and market values. The rating further reflects our view of the city's ability to sustain positive general fund operational results, which has been instrumental in increasing available general fund balances to a level we consider very strong. We believe the city

...S&P Global Ratings assigned its '##-' long-term rating to Mount Vernon, Iowa's series 2019 general obligation (GO) refunding capital loan notes, and affirmed its '##-' long-term rating and underlying rating (SPUR) on the city's existing GO debt. The outlook on all ratings is stable. The '##-' long-term rating reflects our view of the city's economic metrics, which we consider weak but which are possibly being curtailed slightly as the presence of Cornell College is likely affecting both income levels and market values. The rating further reflects our view of the city's ability to sustain positive general fund operational results, which has been instrumental in increasing available general fund balances to a level we consider very strong. We believe the city will likely maintain reserves at a level we consider very strong in the upcoming years. The city's unlimited ad valorem tax GO pledge secures the bonds. Proceeds will be used to refund the city's outstanding 2009B capital loan notes....

Summary