S&P Global Ratings revised the outlook to negative from stable and affirmed its 'AA-' rating on Wamego, Kan.'s outstanding general obligation (GO) secured debt based on the application of our "Methodology For Rating U.S. Governments," published Sept. 9, 2024. At the same time, we assigned our 'SP-1+' short-term rating to the city's expected $7.915 million GO temporary notes, series 2024. The outlook change reflects our view that there is at least a one-in-three chance we could lower the rating following the news that the city's second-largest employer, Caterpillar, is ending operations in Wamego. The departure of the company presents financial challenges to city officials and could materially affect our view of the local economy. However, officials are in discussions with
