...July 28, 2023 CHICAGO (S&P Global Ratings) July 28, 2023--S&P Global Ratings assigned its '###' rating to the City of Minneapolis' $128.455 million series 2023 general obligation (GO) bonds. At the same time, we affirmed our '###' rating on the city's GO debt outstanding. The outlook is stable. "The bonds will be used for improvements to the city's water and sanitary sewer systems, various assessable public projects, and capital projects," said S&P Global Ratings credit analyst Jessica Olejak. The stable outlook reflects the stronger-than-expected revenue recovery, still-strong economic growth even with some risks around commercial real estate, and a five-year plan that shows a measured use of reserves and stimulus funds but a return to structurally balanced operations in a few years with reserves remaining above the fund balance policy. We could lower the rating if the city draws its general fund reserves down more rapidly than planned, which we believe could signify unanticipated budgetary...
