Summary: Polk County, Iowa; General Obligation

S&P Global Ratings assigned its 'AAA' rating and stable outlook to Polk County, Iowa's roughly $24.095 million series 2022A general obligation (GO) bonds and roughly $42.11 million series 2022B taxable GO bonds and affirmed its 'AAA' rating, with a stable outlook, on the county's existing GO debt. The county's GO pledge, which benefits from an ad valorem property tax, without limitation as to rate or amount, secures the bonds. Officials intend to use series 2022A bond proceeds to fund conservation-related projects and 2022B bond proceeds to refund various obligations and finance conservation projects. The bonds are eligible to be rated above the sovereign because we think the county can maintain better credit characteristics than the nation in a stress scenario.

...S&P Global Ratings assigned its '###' rating and stable outlook to Polk County, Iowa's roughly $24.095 million series 2022A general obligation (GO) bonds and roughly $42.11 million series 2022B taxable GO bonds and affirmed its '###' rating, with a stable outlook, on the county's existing GO debt. The county's GO pledge, which benefits from an ad valorem property tax, without limitation as to rate or amount, secures the bonds. Officials intend to use series 2022A bond proceeds to fund conservation-related projects and 2022B bond proceeds to refund various obligations and finance conservation projects. The bonds are eligible to be rated above the sovereign because we think the county can maintain better credit characteristics than the nation in a stress scenario. Under our criteria, titled "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," published Nov. 19, 2013, on RatingsDirect, state and local governments are considered to have moderate sensitivity...

Summary