Moody’s Investors Service this week revised its outlook on Kansas City’s general obligation credit to negative from stable as the city prepares to enter the market with several new-money and refunding deals.
The revision came as the agency affirmed the city’s Aa3 GO rating on a $40 million issue selling next month. The city has $310 million of GOs, including the upcoming issue. Proceeds of the new deal will finance various infrastructure and zoo improvements. In addition to GOs, the city has $1.2 billion of outstanding lease and appropriation-backed debt.