Summary: Overland Park, Kansas; General Obligation

S&P Global Ratings has assigned its 'AAA' rating to the City of Overland Park, Kan.'s series 2017A internal improvement refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the city's existing general obligation (GO) debt. The outlook is stable. Overland Park's full-faith-and-credit pledge, including an unlimited ad valorem tax levy on all taxable property, secures the GO bonds. Bond proceeds will be used to fully refund the city's series 2009B outstanding internal improvement bonds. A portion of the city's debt outstanding is 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 as

...S&P Global Ratings has assigned its '###' rating to the City of Overland Park, Kan.'s series 2017A internal improvement refunding bonds. At the same time, S&P Global Ratings affirmed its '###' rating on the city's existing general obligation (GO) debt. The outlook is stable. Overland Park's full-faith-and-credit pledge, including an unlimited ad valorem tax levy on all taxable property, secures the GO bonds. Bond proceeds will be used to fully refund the city's series 2009B outstanding internal improvement bonds. A portion of the city's debt outstanding is 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 as the stronger pledge. Overland Park's GO bonds are eligible to be rated above the sovereign, because we believe the city can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria (see "Ratings Above...

Summary