Summary: West Des Moines, Iowa; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to West Des Moines, Iowa's series 2019E general obligation (GO) corporate-purpose and refunding bonds and series 2019F GO recreation complex 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 city intends to use bond proceeds for street and utility improvements, improving and equipping municipal parks, constructing a recreational complex, and to current refund the series 2011A GO bonds for expected interest cost savings. West Des Moines' bonds are eligible to be rated above the sovereign because we believe the city can maintain better credit characteristics than the

...S&P Global Ratings assigned its '###' long-term rating to West Des Moines, Iowa's series 2019E general obligation (GO) corporate-purpose and refunding bonds and series 2019F GO recreation complex 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 city intends to use bond proceeds for street and utility improvements, improving and equipping municipal parks, constructing a recreational complex, and to current refund the series 2011A GO bonds for expected interest cost savings. West Des Moines' bonds are eligible to be rated above the sovereign because we believe the city can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria, U.S. state and local governments are considered to have moderate sensitivity to country risk. (For more information, see "Ratings Above The Sovereign--Corporate And Government Ratings: Methodology...

Summary