Standard & Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Manhattan, Kan.'s series 2009A general obligation (GO) bonds and series 2009B GO refunding bonds. In our opinion, the rating reflects the city's: Stable economic base, anchored by Kansas State University and Fort Riley; Strong wealth levels; Very strong historical financial position, supported by good financial practices; and Moderate debt levels with additional growth-related debt-financed capital needs. The city's GO pledge secures the bonds. City officials intend to meet some debt service payments on these bonds with special assessments on properties benefited by the construction of certain public improvements. The 18.5-square-mile Manhattan, with a population estimate of 51,727, is mainly in Riley County with a small portion extending...
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Action: New Rating
Action: Outlook: Stable
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