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Moody’s upgrades Waukee’s issuer rating


The city of Waukee recently received an upgrade to Aa1 from Aa2 for its issuer rating and outstanding general obligation unlimited tax bonds from Moody’s Investors Service. Moody’s also assigned an Aa1 rating to Waukee’s General Obligation Bonds, Series 2023B, with a proposed par amount of roughly $38 million, as well as an initial Aa2 rating to the city’s Stormwater Revenue Bonds, Series 2023C, with a proposed par amount of roughly $3.4 million. In a recent statement, Moody’s noted the upgrade to Aa1 reflects Waukee’s robust financial position and ample revenue-raising flexibility. Moody’s said it saw Waukee’s mix of commercial and industrial industries, growing population, steady tax base growth and ties to the Des Moines (Aa2 stable) metropolitan area as indicators that the city’s economy is likely to remain strong. In its rationale for the rating increase, Moody’s said leverage is moderate but expected to grow, given the city’s rapid expansion and outstanding capital needs.

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