S&P Global Ratings assigned its 'AA' long-term rating to the city of Norwood Young America , Minn.'s roughly $5.2 million series 2025A general obligation (GO) improvement and utility bonds. The outlook is stable. The city's full-faith-and-credit pledge, including its ability to levy ad valorem property taxes without limitation as to rate or amount, secures the bonds. A portion of the bonds is further payable from a combination of special assessments levied against benefited properties and net utility revenue. We rate the city's GO debt to its general creditworthiness because we have insufficient information to rate to other security types under our criteria. Officials intend to use bond proceeds to finance street and utility improvements. The city benefits from very high
