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Summary: Augusta. Kansas; General Obligation; General Obligation Equivalent Security; Note Oct 11

  • ID: 1928559
  • October 2011
  • Region: Kansas
  • Standard & Poors

Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to the City of Augusta, Kan.'s series 2011-3 general obligation (GO) temporary notes. At the same time, Standard & Poor's affirmed its 'A+' long-term rating and 'SP-1+' short-term rating on the city's GO debt outstanding. The outlook on the long-term rating is stable. The long-term rating reflects what we view as the city's: Participation in the Wichita, Kan., metropolitan statistical area's (MSA) deep economy, which is concentrated in aircraft-manufacturing employment; Very strong financial position, with three years of operating surpluses, albeit on a cash basis; and Good income levels. We believe these strengths are offset in part by what we consider the city's: Moderately high overall debt as a percent...

Companies mentioned in this report are:
- Augusta

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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