Summary: Des Moines, Iowa; General Obligation May 06

Standard & Poors, May 2006

Abstract
The 'AA+' rating on Des Moines, Iowa's series 2006A-2006C GO bonds reflects the city's: Status as the center of a strong economy and diverse employment base; Continuation of strong financial operations; Strong, proactive management; and Moderate debt burden that should remain stable due to strong debt policies. The ratings on the city's outstanding GO bonds have been affirmed. With a population of nearly 200,000, Des Moines is the state's largest city. The metropolitan area serves as a national center for the insurance industry and a regional finance, health care, and service center. The city is also the state capital and Polk County's seat, offering a large number of stabilizing government sector jobs. Des Moines' 2005 unemployment rate, which averaged 4.9%,...

Companies mentioned in this report are: Des Moines
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Des Moines

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