S&P Global Ratings assigned its 'AA' long-term rating to the City of North Mankato , Minn.'s estimated $4.285 million series 2025A general obligation (GO) bonds. At the same time, we affirmed our 'AA' long-term rating and underlying rating on the city's GO bonds outstanding. The outlook on all ratings is stable. The long-term rating reflects the application of our " Methodology For Rating U.S. Governments ," published Sept. 9, 2024. Securing the bonds are special assessments levied against benefited properties, as well as the city's full faith and credit pledge and ability to levy unlimited ad valorem property taxes. We are rating to the unlimited-tax pledge because the other pledges lack bond provisions to rate under our criteria. Officials will
