The 'AA-' rating on Sioux City, Iowa's GO bonds series 2004A and 2004B reflects the city's: Regional economy, with strong links to the agriculture sector; Moderate wealth levels; Sound financial position; and Moderate debt burden. Offsetting these strengths are: The city's high debt service carrying charges; Moderate taxpayer concentration; and Reliance on sales tax revenues, which are inherently subject to economic volatility, to pay debt service. The 'AA-' standard long-term and Standard&Poor's underlying ratings (SPUR) on the city's outstanding debt have been affirmed. Sioux City is a regional trade, service, and health care center for west-central Iowa and portions of South Dakota and Nebraska. The Sioux City MSA encompasses 140,000 people. The city itself consists of 85,000 residents;
