...S&P Global Ratings assigned its '###' long-term rating to Polk County, Iowa's series 2018A general obligation (GO) refunding bonds. At the same time, we affirmed our '###' long-term rating on the county's previously rated GO bonds. The outlook is stable. The bonds are secured by the county's GO pledge which benefits from an ad valorem property tax without limitation on the rate or amount. The series 2018A bond proceeds will be used to current refund a portion of the county's outstanding GO debt, including that of series 2013A, 2013B, and 2013C bonds, for interest cost savings. Polk County's bonds are eligible to be rated above the sovereign because we believe the county can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria, U.S. state and local governments are considered to have moderate sensitivity to country risk. (For more information, see "Ratings Above The Sovereign--Corporate And Government Ratings: Methodology And Assumptions," published...
