...S&P Global Ratings assigned its '##+' long-term rating to Blaine, Minn.'s series 2018A general obligation (GO) equipment certificates. At the same time, we affirmed our '##+' long-term rating on the city's existing GO debt. The outlook is stable. The 2018A certificates are secured by the city's unlimited-tax GO pledge. Though ultimately secured by the city's GO pledge, the neighboring cities of Mounds View and Spring Lake Park will also levy for a share of the debt service pursuant to a joint power agreement among the three cities, wherein Mounds View and Spring Lake Park will make partial payments to Blaine to cover a share of the debt service based on a formula that takes into account each city's proportionate number of fire calls and tax capacity. Though secured by multiple revenue streams, we rate to Blaine's GO pledge, as it is the only entity pledging to cover full debt service on the bonds. Certificate proceeds will be used for the acquisition of various equipment for fire protection....
