Summary: Elko New Market, Minnesota; General Obligation

S&P Global Ratings assigned its 'AA+' long-term rating to Elko New Market, Minn.'s approximately $830,000 series 2023A general obligation (GO) equipment certificates. At the same time, we affirmed our 'AA+' long-term rating on the city's GO debt outstanding. The outlook is stable. The city's full faith and credit and ability to levy unlimited ad valorem property taxes secure the 2023A bonds. The city pledged special assessment revenue from benefited properties and net revenue from water, sewer, and storm sewer system utilities for a portion of its GO debt outstanding, but we rate to the GO pledge as we have insufficient information to rate to these alternative pledges pursuant to our criteria. Bond proceeds will be used to reimburse the city's

...Most recent Historical information 2022 2021 2020 Very strong liquidity Total government cash as % of governmental funds expenditures 163 174 159 Total government cash % of governmental funds debt service 816 771 1,006 Strong management Financial management assessment Good Weak debt and long-term liabilities Debt service as % of governmental funds expenditures 20.0 22.5 15.8 Net direct debt as % of governmental funds revenue 255 Overall net debt as % of market value 3.7 Direct debt 10-year amortization (%) 76 Required pension contribution as % of governmental funds expenditures 4 OPEB actual contribution as % of governmental funds expenditures 0 Strong institutional framework Note: Data points and ratios may reflect analytical adjustments. EBI--Effective buying income. OPEB--Other postemployment benefits....

Summary