S&P Global Ratings assigned its 'AA+' long-term rating to Elko New Market, Minn.'s general obligation (GO) bonds, series 2020A. At the same time, we affirmed our 'AA+' long-term rating on the city's GO debt outstanding. The outlook is stable. Proceeds of the bonds will be used to finance various capital improvements, street reconstruction and improvements, sewer improvements, and the purchase of equipment. Securing the bonds is the city's full faith, credit, and unlimited taxing power. In addition, the city pledges special assessments and utility revenues for portions of the bonds. However, we rate to the GO pledge. The 'AA+' rating reflects the city's very strong economy and reserves. The city of Elko New Market is located near the Minneapolis-St. Paul
