S&P Global Ratings assigned its 'AAA' long-term rating to Polk County, Iowa's series 2020A general obligation (GO) capital loan notes and its 2020B taxable GO capital loan notes. At the same time, we affirmed our 'AAA' 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 2020A bonds, amounting to $70.4 million, will be used to refund the county's outstanding 2015B bonds for interest cost savings; the $8.2 million of 2020B bonds will fund a loan to the Metro Waste Authority. Polk County's bonds are eligible to be rated above the sovereign
