S&P Global Ratings assigned its ?AA+? rating to the City of Hastings , Minn.'s approximately $4.5 million series 2025A general obligation (GO) bonds. At the same time, we affirmed our ?AA+? rating on the city?s GO bonds outstanding. The outlook is stable. The rating reflects the application of the " Methodology For Rating U.S. Governments ," published Sept. 9, 2024. Securing the bonds is the city's full faith and credit pledge and ability to levy unlimited ad valorem property taxes without limitation as to rate or amount. Proceeds will be used to finance annual street construction projects. The rating reflects the city?s relatively stable financial profile in the past several years, albeit small deficits in fiscal years 2023 and 2024
