Summary: Blaine, Minnesota; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to the City of Blaine, Minn.'s $9.6 million general obligation (GO) improvement and street reconstruction bonds, series 2021A. The outlook is stable. Proceeds from the bonds will be used to finance various street improvement and pavement projects. Securing the bonds is the city's full faith, credit, and unlimited ad valorem property tax pledge. Blaine's GO bonds are eligible to be rated above the sovereign, because we believe the city can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions" (published Nov. 19, 2013, on RatingsDirect), U.S. local governments are considered to have moderate sensitivity to country risk.

...S&P Global Ratings assigned its '###' long-term rating to the City of Blaine, Minn.'s $9.6 million general obligation (GO) improvement and street reconstruction bonds, series 2021A. The outlook is stable. Proceeds from the bonds will be used to finance various street improvement and pavement projects. Securing the bonds is the city's full faith, credit, and unlimited ad valorem property tax pledge. Blaine's GO bonds are eligible to be rated above the sovereign, because we believe the city can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions" (published Nov. 19, 2013, on RatingsDirect), U.S. local governments are considered to have moderate sensitivity to country risk. The institutional framework in the U.S. is predictable for local governments, allowing them significant autonomy, independent treasury management, and no history of government intervention....

Summary