Webster City, IA Electric Revenue Bonds Assigned 'A-' Rating

CENTENNIAL (S&P Global Ratings) March 14, 2019--S&P Global Ratings assigned 
its 'A-' long-term rating to Webster City, Iowa's proposed $13.9 million 
series 2019 electric revenue bonds. At the same time, we have affirmed our 
'A-' long-term rating on Webster City's series 2012A electric revenue bonds 
outstanding. Management will use the proceeds from the 2019 bonds to defease 
the 2012A bonds concurrently with the proposed bond issuance. The outlook is 
stable.

The rating reflects the application of our criteria "U.S. Municipal Retail 
Electric And Gas Utilities: Methodology And Assumptions," published Sept. 27, 
2018 on RatingsDirect. 

"The rating further reflects our opinion of Webster City's adequate enterprise 
risk profile, based on a residential customer base and a long-term, 
all-requirements power supply contract, and the city's strong financial risk 
profile, based on liquidity covering eight months of operating expenses," said 
S&P Global Ratings credit analyst Timothy Meernik.

The stable outlook reflects our view of Webster City's residential customer 
base that provides a consistent and steady source of revenue, the long-term, 
all-requirements power supply contract with Corn Belt Power Cooperative, and 
ample liquidity to meet financial challenges.