...S&P Global Ratings assigned its '##+' rating and stable outlook to Blaine, Minn.'s series 2019A general obligation (GO) improvement bonds and affirmed its '##+' rating, with a stable outlook, on the city's existing GO debt. The city's unlimited-tax GO pledge secures the bonds. In addition, the city will pledge special assessments filed against benefited property to repay a portion of the bonds. Officials intend to use series 2019A bond proceeds to finance various street improvement projects. Blaine is an outer-ring suburb just north of Minneapolis. Blaine, the Twin Cities metropolitan statistical area's (MSA) fastest-growing city, has added more than 3,500 housing units since 2010. Additional growth is emerging throughout the city's "lakes" neighborhoods. Therefore, management expects the population to grow to nearly 85,000 by 2030. While incomes are somewhat lower than average for the rating category, we view its location in the Twin Cities MSA and ongoing development as credit strengths....
