...S&P Global Ratings assigned its '###' long-term rating to Burnsville, Minn.'s series 2019A general obligation (GO) improvement, utility revenue, and refunding bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's existing GO debt. The outlook is stable. The city's GO unlimited-tax pledge secures the series 2019A bonds. The city additionally pledges special assessment revenue and net revenue of the water and sewer systems for payment of debt service of the series 2019A bonds. Its existing GO debt also pledges certain revenue for payment of debt service. However, we rate to the GO pledge, which we view as the stronger security. The city will use bond proceeds for annual street improvements, construction of utility projects, and to refund existing debt for interest cost savings. 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....
