Summary: Burnsville, Minnesota; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Burnsville, Minn.'s series 2016B general obligation (GO) bonds. At the same time, we affirmed our 'AAA' long-term rating on the city's existing GO debt. The outlook is stable. A pledge of the city's full faith, credit, and resources and an agreement to levy unlimited ad valorem property taxes secures the bonds. The city additionally pledges certain revenues, including special assessments and the net revenues of its water and sewer systems, for payment of debt service. Its existing GO debt also pledges certain revenues for payment of debt service. However, we rated to the GO since we view it as the stronger security. The bonds will be used for street and utility

...S&P Global Ratings assigned its '###' long-term rating to Burnsville, Minn.'s series 2016B general obligation (GO) bonds. At the same time, we affirmed our '###' long-term rating on the city's existing GO debt. The outlook is stable. A pledge of the city's full faith, credit, and resources and an agreement to levy unlimited ad valorem property taxes secures the bonds. The city additionally pledges certain revenues, including special assessments and the net revenues of its water and sewer systems, for payment of debt service. Its existing GO debt also pledges certain revenues for payment of debt service. However, we rated to the GO since we view it as the stronger security. The bonds will be used for street and utility improvements. 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 a stress scenario. The city has a predominantly locally derived revenue source, with 68% of general fund...

Summary