...S&P Global Ratings assigned its '##+' long-term rating to Blaine, Minn.'s series 2018B general obligation (GO) water revenue bonds. At the same time, we affirmed our '##+' long-term rating on the city's existing GO debt. The outlook is stable. The 2018B are secured by net revenues of the city water system and by the city's unlimited-tax GO pledge. Though secured by multiple revenue streams, we rate the bonds to the city's GO pledge. Bond proceeds will be used to finance various water utility improvements, including the construction of a water treatment plant and well house rehabilitation. The '##+' rating reflects our view of the city's: + Very strong economy, with access to a broad and diverse metropolitan statistical area (MSA); + Very strong management, with "strong" financial policies and practices under our Financial Management Assessment (FMA) methodology; + Adequate budgetary performance, with operating results that we expect could deteriorate in the near term relative to fiscal...
