Summary: Omaha-Douglas Public Building Commission Omaha, Nebraska; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AA+' long-term rating to Omaha-Douglas Public Building Commission, Neb.'s series 2020 bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the commission's general obligation (GO) debt outstanding. The outlook on all ratings is stable. We rate the bonds on par with the city of Omaha's GO rating, as we view the Omaha's GO pledge to be of lower credit quality than the county's, per our multiple revenue streams criteria. For information about Omaha's GO rating, please see our summary analysis published Nov. 26, 2019, on RatingsDirect. (For information about our rating on the county, please see our summary analysis on Douglas County, published Jan. 20, 2017.) The outstanding public building commission

...The rating reflects our view of the commission's: + Reliance on property taxes from its 1.7 cent per $100 assessed value (AV) and rental payments from the city and county; + Strong economy which is coterminous with Omaha and Douglas County, from which the commission draws property tax revenue; + Reserves which remain good as a percentage of expenditures, but nominally low in fiscal 2019, and we expect them to remain level in fiscal 2020, and + Limited future debt plans....

Summary