Standard & Poor's Ratings Services revised its outlook to negative and affirmed its 'A' long-term rating on Independence, Kan.'s existing general obligation (GO) debt due to the city's capital pressures and decreasing reserves. At the same time, Standard & Poor's assigned its 'A' long-term rating to the city's series 2012-A general obligation (GO) refunding and improvement bonds. The outlook is negative. In our opinion, the rating and revised outlook reflect the city's: Low wealth levels; and Moderately high overall debt levels combined with additional debt plans. The rating is strengthened by our view of the city's: Stable local economy; Adequate income levels; and Good level of cash reserves, despite significant declines that were partly due to increased capital requirements and...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Negative
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