Norwood Young America, MN GO Rating Raised To 'AA' On Local Economy And Reserves

ENGLEWOOD (S&P Global Ratings) Feb. 9, 2023--S&P Global Ratings raised its long-term rating and underlying rating to 'AA' from 'AA-' on Norwood Young America, Minn.'s general obligation (GO) bonds outstanding. At the same time, we assigned our 'AA' long-term rating to the city's approximately $2.2 million series 2023A taxable GO tax abatement bonds. The outlook is stable. "The rating action reflects our view of the city's growing local economy, as is evident in improved market value per capita, and sustained high reserves resulting mostly from surplus operations and good financial management practices and policies," said S&P Global Ratings credit analyst Coral Schoonejans. Proceeds of the series 2023A bonds will be used to finance the acquisition and expansion costs of an

...February 9, 2023 ENGLEWOOD (S&P Global Ratings) Feb. 9, 2023--S&P Global Ratings raised its long-term rating and underlying rating to '##' from '##-' on Norwood Young America, Minn.'s general obligation (GO) bonds outstanding. At the same time, we assigned our '##' long-term rating to the city's approximately $2.2 million series 2023A taxable GO tax abatement bonds. The outlook is stable. "The rating action reflects our view of the city's growing local economy, as is evident in improved market value per capita, and sustained high reserves resulting mostly from surplus operations and good financial management practices and policies," said S&P Global Ratings credit analyst Coral Schoonejans. Proceeds of the series 2023A bonds will be used to finance the acquisition and expansion costs of an industrial park project. The stable outlook reflects our expectation that the city will maintain very strong flexibility and liquidity, despite high carrying charges and ongoing capital needs, over the...

Ratings Action