S&P Global Ratings assigned its 'AA' rating to Sioux City, Iowa's series 2020C general obligation (GO) capital loan notes and series 2020D taxable GO capital loan notes. The outlook is negative. The city's GO pledge secures the 2020C and D notes payable from unlimited ad valorem taxes. Officials intend to use the note proceeds to current refund the city's outstanding GO notes for expected interest cost savings. The outlook was revised to negative from stable in April 2020 (see "Sioux City, IA GO Rating Outlook Revised To Negative On Looming Fiscal, Economic Pressures Due To Pandemic, Recession," published April 22, 2020, on RatingsDirect) and continues to reflect the significant fiscal and economic pressures posed by the global COVID-19 pandemic and
