...S&P Global Ratings assigned its '##' rating to Sioux City, Iowa's series 2019A general obligation (GO) bonds, series 2019B taxable GO bonds, and series 2019C GO urban renewal bonds and affirmed its '##' rating on the city's existing GO debt. The outlook is stable. The city's GO pledge secures the 2019 and parity bonds payable from unlimited ad valorem taxes. Officials intend to use the bond proceeds to finance the city's 2019-2020 capital improvement plan (CIP). The rating reflects our opinion of the city's: + Weak economy, with market value per capita of $56,673 and projected per capita effective buying income (EBI) at 74.6% of the national level; + Very strong management, with strong financial policies and practices under our Financial Management Assessment (FMA) methodology; + Strong budgetary performance, with a slight operating surplus in the general fund and an operating surplus at the total governmental fund level in fiscal 2018; + Very strong budgetary flexibility, with an available...
