...S&P Global Ratings assigned its '###' long-term rating to Naperville, Ill.'s series 2020 general obligation (GO) bonds. S&P Global Ratings also affirmed its '###' long-term rating on the city's existing GO debt. The outlook is stable. The city's unlimited tax GO pledge secures the series 2020 bonds and rated debt. The city will use the series 2020 bond proceeds to fund various capital improvements as well as refund a portion of the series 2010A, 2010B, and 2011 bonds for interest cost savings. Naperville's GO debt is eligible to be rated above the sovereign, because we believe the city can maintain better credit characteristics than the nation in a stress scenario. Under our criteria, "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," published Nov. 19, 2013, we consider U.S. local governments to have moderate sensitivity to national risk. The city's ad valorem tax pledge is the primary source of debt security, which severely limits the possibility...
