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Summary: Madrid, Iowa; General Obligation Feb 12

  • ID: 2059602
  • February 2012
  • Region: Iowa
  • Standard & Poors

Standard & Poor's Ratings Services assigned its 'A' long-term rating to Madrid, Iowa's series 2012 general obligation (GO) corporate purpose and refunding bonds. The outlook is stable. The rating reflects our view of the city's: Access to employment opportunities in Des Moines and Ames; Good income levels; Strong general fund reserves as a percentage of expenditures, albeit on a cash basis of accounting; and Moderate debt burden as a percentage of market value. Partially offsetting the above strengths is our view of the city's small unassigned general fund balance on a nominal basis and barely adequate market value per capita. The series 2012 bonds are secured by revenue from the city's unlimited-tax GO pledge. We understand the city plans to...

Companies mentioned in this report are:
- Madrid

Action: New Rating
Action: Outlook: Stable

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