Summary: West Des Moines, Iowa; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to West Des Moines, Iowa's series 2019A, B, C, and D general obligation (GO) corporate purpose bonds. At the same time, we affirmed our long-term rating and underlying rating (SPUR) on the city's previously rated GO bonds. The outlook is stable. A pledge of the city's full faith and credit and an agreement to levy ad valorem property taxes without limit as to rate or amount secure the bonds. The intended payment source is various tax-increment financing (TIF) revenues. The city intends to use series 2019A proceeds for various public improvements and projects in the Osmium Urban Renewal Area (URA) related to a development agreement with Microsoft that includes required minimum assessments.

...S&P Global Ratings assigned its '###' long-term rating to West Des Moines, Iowa's series 2019A, B, C, and D general obligation (GO) corporate purpose bonds. At the same time, we affirmed our long-term rating and underlying rating (SPUR) on the city's previously rated GO bonds. The outlook is stable. A pledge of the city's full faith and credit and an agreement to levy ad valorem property taxes without limit as to rate or amount secure the bonds. The intended payment source is various tax-increment financing (TIF) revenues. The city intends to use series 2019A proceeds for various public improvements and projects in the Osmium Urban Renewal Area (URA) related to a development agreement with Microsoft that includes required minimum assessments. Series 2019B proceeds will be used for various public improvements and projects in the 8300 Mills Civic Parkway URA. Series 2019C proceeds will be used for various public improvements and projects in the Coachlight URA related to development agreements...

Summary