Standard&Poor's Ratings Services assigned its 'A' long-term rating to Wamego, Kan.'s series 2011 general obligation (GO) refunding and improvement bonds. The outlook is stable. The rating reflects our view of the city's: Access to Manhattan, Kan.'s broad economic base, which supports good income levels despite a relatively shallow local economy; Strong financial position, albeit on a cash basis; and Rapid debt amortization. These strengths are offset by our opinion of the city's: Moderately high overall debt burden as a percentage of market value, and Lack of formalized financial planning and policies. Unlimited ad valorem taxes levied on taxable property within the city secure the GO bonds. City officials plan to use bond proceeds to finance public water supply
