Summary: Wamego, Kansas; General Obligation

S&P Global Ratings assigned its 'AA-' rating and stable outlook to Wamego, Kan.'s roughly $8.45 million series 2021A general obligation (GO) bonds and roughly $2.925 million series 2021B taxable GO refunding bonds and affirmed its 'AA-' rating, with a stable outlook, on the city's existing GO debt. The city's full-faith-credit-and-resources pledge and agreement to levy ad valorem property taxes, without limitation as to rate or amount, secure the GO bonds. The city also has certain GO bonds payable from special assessments levied on properties that benefit from proceed-paid improvements. We rate those bonds based on the city's unlimited-tax-GO pledge, which we view as the stronger pledge. We understand officials intend to use series 2021A bond proceeds to finance street-and-library improvements

...S&P Global Ratings assigned its '##-' rating and stable outlook to Wamego, Kan.'s roughly $8.45 million series 2021A general obligation (GO) bonds and roughly $2.925 million series 2021B taxable GO refunding bonds and affirmed its '##-' rating, with a stable outlook, on the city's existing GO debt. The city's full-faith-credit-and-resources pledge and agreement to levy ad valorem property taxes, without limitation as to rate or amount, secure the GO bonds. The city also has certain GO bonds payable from special assessments levied on properties that benefit from proceed-paid improvements. We rate those bonds based on the city's unlimited-tax-GO pledge, which we view as the stronger pledge. We understand officials intend to use series 2021A bond proceeds to finance street-and-library improvements and redeem certain GO temporary notes that paid certain infrastructure-improvement costs. They also intend to use series 2021B bond proceeds to refinance portions of series 2006-1, 2014, 2015, and...

Summary