S&P Global Ratings assigned its 'A+' long-term rating to Story City, Iowa's series 2017A general obligation (GO) corporate purpose bonds and series 2017B GO refunding bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating on the city's existing GO debt. The outlook is stable. The city's unlimited-tax GO pledge secures the series 2017A and B bonds. We understand that the series 2017A bond proceeds will be used to finance capital improvements and the series 2017B bond proceeds will be used to refund the city's series 2011 GO bonds for interest cost savings. The rating reflects our assessment of the following characteristics: Weak economy, with market value per capita of $70,165 and projected per capita effective buying
