S&P Global Ratings assigned its 'BBB' long-term rating to Overland Park Development Corp. (OPDC), Kan.'s series 2019 improvement and refunding revenue bonds (Overland Park Convention Center Hotel). The outlook is stable. The city's annual appropriation of the first 6% of the 9% transient guest tax (TGT), in accordance with the TGT debt service support agreement, secures the series 2019 bonds. In the agreement, the City of Overland Park agrees to make available a portion of its annual TGT revenues for the payment of debt service, subject to appropriation. In the event that TGT revenues are insufficient, the corporation has pledged the net operating revenues of the Overland Park Convention Center Hotel. The rating is based on the application of our
