S&P Global Ratings assigned its 'A+' long-term rating to North Platte, Neb.'s anticipated $28.7 million series 2025 tax-supported municipal improvement bonds. The outlook is stable. The series 2025 bonds are secured by the city's 1.5% sales-and-use tax and North Platte's ad valorem levy, which is subject to a constitutional limitation that limits it to no more than 45 cents per $100 of taxable valuation with an additional five cents available for payments under interlocal cooperation agreements. While the sales tax pledge is the intended payment source for debt service, we rate the bonds to the city's limited-tax GO pledge because the sales tax is an operating tax, which we view as a subset of the broader GO pledge. Furthermore, we
