S&P Global Ratings assigned its 'AA-' rating and stable outlook to Wamego, Kan.'s approximately $3.3 million series 2021B taxable general obligation (GO) refunding bonds. 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 bonds are also payable from special assessments levied on properties that benefit from proceed-paid improvements. However, we rate the bonds based on the city's unlimited-tax-GO pledge, which we view as the stronger pledge. We understand officials intend to use series 2021B bond proceeds to refinance portions of series 2006-1, 2014, 2015, and 2018A bonds for debt-service savings. The roughly two-square-mile Wamego encompasses residential, commercial, and industrial sectors. Although there have been no
