Summary: Sioux City, Iowa; General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to Sioux City, Iowa's approximately $17.235 million series 2023A general obligation (GO) bonds and $2.525 million series 2023B taxable GO bonds. At the same time, we affirmed our 'AA' rating on the city's existing GO debt. The outlook is stable. The city's GO pledge secures the 2023A and 2023B bonds, payable from unlimited ad valorem taxes. Bond proceeds will be used for various capital improvement projects. Sioux City continues to have stable operations, with general fund reserves consistently meeting the fund balance policy target. The city's economic indicators are a credit weakness, although its role as a regional center and anchor of the Sioux City metropolitan statistical area (MSA) provides rating stability,

...Most recent Historical information 2022 2021 2020 Weak economy Projected per capita EBI % of U.S. 80.6 Market value per capita ($) 74,779 Population 82,838 82,838 82,319 County unemployment rate (%) 4.3 Market value ($000) 6,194,552 5,877,693 5,377,635 Top 10 taxpayers % of taxable value 11.7 Strong budgetary performance Operating fund result % of expenditures 3.1 3.1 3.2 Total governmental fund result % of expenditures 10.4 1.6 7.8 Very strong budgetary flexibility Available reserves % of operating expenditures 23.9 21.0 17.7 Total available reserves ($000) 17,272 14,402 12,352 Very strong liquidity Total government cash % of governmental fund expenditures 129.2 96.0 70.3 Total government cash % of governmental fund debt service 761.7 498.5 338.0 Very strong management Financial Management Assessment Strong Weak debt & long-term liabilities Debt service % of governmental fund expenditures 17.0 19.3 20.8 Net direct debt % of governmental fund revenue 101.9 Overall net debt % of market value...

Summary