Summary: Sioux City, Iowa; General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to Sioux City, Iowa's anticipated $15.735 million series 2024A general obligation (GO) bonds and $8.86 million series 2024B taxable GO bonds. At the same time, we affirmed our 'AA' rating on the city's outstanding GO debt. The outlook is stable. The city's GO pledge secures the series 2024A and 2024B bonds, payable from unlimited ad valorem taxes. Bond proceeds will be used for various capital improvement projects. Sioux City's economy remains stable and new development continues, driving ongoing tax revenue growth. Destinations within Sioux City that generate tourism and related tax revenue, such as the Tyson Events Center, Siouxland Expo Center, and a casino, have returned to pre-pandemic levels of activity. We

...Most recent Historical information 2023 2022 2021 County unemployment rate(%) 2.9 2.7 3.9 Market value ($000) 7,354,624 5,877,693 5,377,636 5,312,752 Ten largest taxpayers % of taxable value 10.7 Strong budgetary performance Operating fund result % of expenditures 5.6 3.1 2.1 Total governmental fund result % of expenditures 14.0 10.4 1.6 Very strong budgetary flexibility Available reserves % of operating expenditures 30.2 23.9 21.0 Total available reserves ($000) 23,027 17,272 14,402 Very strong liquidity Total government cash % of governmental fund expenditures 118 129 96 Total government cash % of governmental fund debt service 693 762 498 Very strong management Financial Management Assessment Strong Adequate debt & long-term liabilities Debt service % of governmental fund expenditures 17.0 17.0 19.3 Net direct debt % of governmental fund revenue 83 Overall net debt % of market value 2.5 Direct debt 10-year amortization (%) 87 Required pension contribution % of governmental fund expenditures...

Summary