M-10 - Ratings Summary Report

Tiffin, Iowa--key credit metrics (cont.) <table> <tr> <th></th> <th colspan="3">Most recent</th> <th colspan="3">Historical information</th> </tr> <tr> <th></th> <th>2023</th> <th>2022</th> <th>2021</th> <th></th> <th></th> <th></th> </tr> <tr> <th colspan="7">Adequate management</th> </tr> <tr> <td>Financial Management Assessment</td> <td colspan="6">Standard</td> </tr> <tr> <th colspan="7">Weak debt & long-term liabilities</th> </tr> <tr> <td>Debt service % of governmental fund expenditures</td> <td>24.6</td> <td>38.7</td> <td>48.3</td> <td></td> <td></td> <td></td> </tr> <tr> <td>Net direct debt % of governmental fund revenue</td> <td>326</td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td>Overall net debt % of market value</td> <td>5.5</td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td>Direct debt 10-year amortization (%)</td> <td>86</td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td>Required pension contribution % of governmental fund expenditures</td> <td>1.1</td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td>OPEB actual contribution % of governmental fund expenditures</td> <td>--</td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <th colspan="7">Strong institutional framework</th> </tr> </table> EBI--Effective buying income. OPEB--Other postemployment benefits. Data points and ratios may reflect analytical adjustments. Related Research Through The ESG Lens 3.0: The Intersection Of ESG Credit Factors And U.S. Public Finance Credit Factors, March 2, 2022 Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.spglobal.com/ratings for further information. Complete ratings information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.spglobal.com/ratings.