S&P Global Ratings revised its outlook to negative from stable and affirmed its 'AA' rating on Sioux City, Iowa's existing general obligation (GO) bonds. At the same time, we assigned our 'AA' rating to the series 2020A GO bonds and series 2020B taxable GO bonds. The city's GO pledge secures the 2020 and parity bonds payable from unlimited ad valorem taxes. Officials intend to use the bond proceeds to finance the city's 2020-2021 capital improvement plan (CIP). The outlook revision primarily reflects the significant fiscal and economic pressures posed by the global COVID-19 pandemic and related recession. See "An Already Historic U.S. Downturn Now Looks Even Worse" (published April 16, 2020 on RatingsDirect.) We consider the social distancing efforts governments
