S&P Global Ratings assigned its 'AAA' long-term rating to Polk County, Iowa's anticipated $120 million series 2024A general obligation (GO) capital loan notes and $53 million series 2024B GO bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the county's GO debt outstanding. The outlook is stable. The county's unlimited ad valorem property taxing power secures its GO debt. The county will loan series 2024A and 2024B bond proceeds to the Des Moines Airport Authority to fund a portion of the costs of constructing a new terminal. While the county's GO pledge secures the bonds, airport net revenue is the intended payment source. Key loan agreement provisions supporting our expectation of timely debt service payments
