S&P Global Ratings raised its rating three notches to 'BBB-' from 'BB-' on Overland Park Development Corp. (OPDC), Kan.'s 2019 improvement and refunding revenue bonds (Overland Park Convention Center Hotel). The outlook is positive. The raised rating reflects an improvement in OPDC transient guest tax (TGT) revenues, with maximum annual debt service (MADS) coverage now at 1.32x and expected to be sustained if not slightly improve 2024, showing a recovery of pledged revenues and the expectation that the city will fully replenish the debt service reserve (DSR) fund with the March 1, 2025, payment. The City of Overland Park's annual appropriation of the first 6% of the 9% TGT, in accordance with the TGT debt service support agreement, secures the
