...S&P Global Ratings assigned its '###' long-term rating to Polk County, Iowa's series 2019 general obligation (GO) 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 approximately $35.74 million of series 2019 bond proceeds will finance a portion of the county's historic courthouse project and environmental conservation projects as approved by voter referendums in 2012 and 2013. This issuance is the final phase and will use all of the voter-approved debt authority for these projects. 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...
