Wamego, KS GO Debt Outlook Revised To Negative On Departure Of Second-Largest Employer

ENGLEWOOD (S&P Global Ratings) Nov. 12, 2024--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 its "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," said S&P Global Ratings credit analyst Alex Louie. "However, officials are in discussions with multiple other companies and have a high

...November 12, 2024 ENGLEWOOD (S&P Global Ratings) Nov. 12, 2024--S&P Global Ratings revised the outlook to negative from stable and affirmed its '##-' rating on Wamego, Kan.'s outstanding general obligation (GO) secured debt based on the application of its "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," said S&P Global Ratings credit analyst Alex Louie. "However, officials are in discussions with multiple other companies and have a high degree of confidence that the manufacturing facility Caterpillar is vacating will be soon purchased by another company, resulting in minimal disruption to approximately 400 jobs and to city finances,"...

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