Summary: Overland Park, Kansas; General Obligation

S&P Global Ratings assigned its 'AAA' rating to Overland Park, Kan.'s series 2016A internal improvement refunding bonds. At the same time, it affirmed its 'AAA' rating on the city's existing general obligation (GO) debt. The outlook is stable. The 2016A bonds are secured by the city's unlimited ad valorem tax. Some of the city's outstanding bonds are also payable in part from special assessments levied on property that benefited from improvements financed by the previously issued bonds; we base our rating on the city's GO pledge, which we view to be the stronger of the two pledges. Bond proceeds will be used refund a portion of the city's outstanding debt for debt service savings. Overland Park is rated above the

...S&P Global Ratings assigned its '###' rating to Overland Park, Kan.'s series 2016A internal improvement refunding bonds. At the same time, it affirmed its '###' rating on the city's existing general obligation (GO) debt. The outlook is stable. The 2016A bonds are secured by the city's unlimited ad valorem tax. Some of the city's outstanding bonds are also payable in part from special assessments levied on property that benefited from improvements financed by the previously issued bonds; we base our rating on the city's GO pledge, which we view to be the stronger of the two pledges. Bond proceeds will be used refund a portion of the city's outstanding debt for debt service savings. Overland Park is rated above the sovereign because we believe the city can maintain better credit characteristics than the U.S. in a stress scenario based on its predominantly locally derived revenue base and our view that pledged revenue supporting debt service on the bonds is at limited risk of negative sovereign...

Summary