Summary: Blaine, Minnesota; General Obligation

S&P Global Ratings assigned its 'AA+' long-term rating to Blaine, Minn.'s series 2017A general obligation (GO) improvement bonds and its 2017B GO water revenue refunding bonds. At the same time, we affirmed our 'AA+' long-term rating on the city's existing GO debt. The outlook is stable. The 2017A and B bonds are secured by the city's GO unlimited-tax pledge. In addition, the city pledges special assessments and the net revenues of its water system, respectively, for payment of debt service on the 2017A and B bonds. Its existing GO debt is also secured by certain additional pledged revenues. However, we rate to the GO pledge, which we view as the stronger security. The 2017A bonds will be used for public

...S&P Global Ratings assigned its '##+' long-term rating to Blaine, Minn.'s series 2017A general obligation (GO) improvement bonds and its 2017B GO water revenue refunding bonds. At the same time, we affirmed our '##+' long-term rating on the city's existing GO debt. The outlook is stable. The 2017A and B bonds are secured by the city's GO unlimited-tax pledge. In addition, the city pledges special assessments and the net revenues of its water system, respectively, for payment of debt service on the 2017A and B bonds. Its existing GO debt is also secured by certain additional pledged revenues. However, we rate to the GO pledge, which we view as the stronger security. The 2017A bonds will be used for public improvements while the B bonds will be used to refund Blaine's 2008A bonds for interest cost savings. The rating reflects our view of the city's:...

Summary