Summary: Burnsville, Minnesota; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to the City of Burnsville, Minn.'s $20.57 million general obligation (GO) bonds, series 2020A. At the same time, we affirmed our 'AAA' long-term rating on the city's outstanding GO debt. The outlook is stable. Proceeds from the bonds will be used for various street improvement projects, the construction of a new fire station, and a current refunding of the city's outstanding series 2010D bonds. Securing the bonds is the city's full faith, credit, and unlimited taxing power pledge. The city anticipates portions of the debt to be paid from special assessments and franchise fee revenues; however, we rate to the GO pledge. Burnsville's GO bonds are eligible to be rated above the

...S&P Global Ratings assigned its '###' long-term rating to the City of Burnsville, Minn.'s $20.57 million general obligation (GO) bonds, series 2020A. At the same time, we affirmed our '###' long-term rating on the city's outstanding GO debt. The outlook is stable. Proceeds from the bonds will be used for various street improvement projects, the construction of a new fire station, and a current refunding of the city's outstanding series 2010D bonds. Securing the bonds is the city's full faith, credit, and unlimited taxing power pledge. The city anticipates portions of the debt to be paid from special assessments and franchise fee revenues; however, we rate to the GO pledge. 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. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions" (published Nov. 19, 2013, on RatingsDirect),...

Summary