Summary: Burnsville, Minnesota; General Obligation

Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Burnsville, Minn.'s series 2016A general obligation (GO) bonds. At the same time, we affirmed our 'AAA' long-term rating on the city's previously rated GO debt. The outlook is stable. A pledge of the city's full-faith-credit-and-resources and an agreement to levy ad valorem property taxes without limitation as to rate or amount secures the bonds. For series 2016A, the city will pledge tax abatement revenues. The city's full-faith-credit-and-resource unlimited-tax GO pledge is the only pledge that meets our criteria, thus we consider this the strongest pledge and is the basis for our rating. It is our understanding that bond proceeds for the series 2016A will be used to crossover refund

...Standard & Poor's Ratings Services assigned its '###' long-term rating to Burnsville, Minn.'s series 2016A general obligation (GO) bonds. At the same time, we affirmed our '###' long-term rating on the city's previously rated GO debt. The outlook is stable. A pledge of the city's full-faith-credit-and-resources and an agreement to levy ad valorem property taxes without limitation as to rate or amount secures the bonds. For series 2016A, the city will pledge tax abatement revenues. The city's full-faith-credit-and-resource unlimited-tax GO pledge is the only pledge that meets our criteria, thus we consider this the strongest pledge and is the basis for our rating. It is our understanding that bond proceeds for the series 2016A will be used to crossover refund certain maturities of the series 2008A bonds for interest cost savings only. Burnsville'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...

Summary