Summary: Overland Park, Kansas; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to the City of Overland Park, Kan.'s series 2018A internal improvement bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's previously issued general obligation (GO) debt. The outlook is stable. The 'AAA' rating reflects the city's economic expansion, particularly in the property tax base, that is expected to fuel continued revenue growth, which affords the city significant flexibility to maintain balanced operating results without major changes in local tax rates. In addition, the city's conservative budgeting approach has resulted in considerable surplus revenues that support the pay-as-you-go funding strategy for capital projects, which historically has been used to supplement debt issuance. Overland Park's full-faith-and-credit pledge,

...S&P Global Ratings assigned its '###' long-term rating to the City of Overland Park, Kan.'s series 2018A internal improvement bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's previously issued general obligation (GO) debt. The outlook is stable. The '###' rating reflects the city's economic expansion, particularly in the property tax base, that is expected to fuel continued revenue growth, which affords the city significant flexibility to maintain balanced operating results without major changes in local tax rates. In addition, the city's conservative budgeting approach has resulted in considerable surplus revenues that support the pay-as-you-go funding strategy for capital projects, which historically has been used to supplement debt issuance. 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 fund various capital improvements including...

Summary