Moody's assigns Aa2 to Manhattan KS's $16M GO Bonds Ser. 2013-A and Ser. 2013-06 Notes and MIG 1 to Ser. 2013-07 Notes

Posted on: November 15, 2013, 1:06 pm

NEW YORK, November 15, 2013 --Moody's Investors Service has assigned a Aa2 rating to the City of Manhattan's (KS) $6.6 million General Obligation Bonds Series 2013-A and $9.5 million General Obligation Temporary Notes Series 2013-06 as well as a MIG1 rating to $4.8 million Taxable General Obligation Temporary Notes, Series 2013-07. Concurrently, Moody's has affirmed the Aa2 rating on the city's outstanding general obligation debt. Post-sale, the city will have $144.7 million of general obligation debt outstanding. The bonds and notes are secured by the city's general obligation unlimited tax pledge. Proceeds of the Series 2013-A Bonds will finance certain internal improvements throughout the city, including road and storm water improvements along McCall Road. Proceeds of the Series 2013-06 and Series 2013-07 notes will provide financing for a number of capital improvement projects. The city intends to pay the Series 2013-A Bonds and Series 2013-06 Notes from special assessment revenues from the benefitting properties. The Series 2013-07 Notes are payable from the proceeds of the future issuance of general obligation bonds and, if not so paid, from an unlimited ad valorem tax pledge. The Series 2013-07 Notes mature in December 2014 and are callable in June 2014. The city typically refinances notes with longer-term bonds no later than one month prior to maturity, and often sooner...

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