The rating on Polk County, Iowa's notes reflects: The stable and diverse Des Moines MSA economy, Consistently strong financial performance, and Moderate overall net debt levels. The outlook revision reflects substantial planned debt, a pending referendum on gaming, and pending contract renegotiations with Prairie Meadows Racing Assoc. The notes are general obligations payable from the county's general fund. There is no separate property tax levy for the notes. The limited-tax rating is not differentiated from outstanding unlimited-tax debt due to strong financial reserves, the resulting financial flexibility of the county, and an identified nonlevy source of debt service payments. Polk County comprises the base of the Des Moines MSA--a stable and diversified regional economic center in central Iowa. The unemployment
