Summary: Elko New Market, Minnesota; General Obligation

S&P Global Ratings assigned its 'AA+' long-term rating to Elko New Market, Minn.'s approximately $3.4 million series 2024A general obligation bonds. The outlook is stable. The city's full faith and credit and ability to levy unlimited ad valorem property taxes secure the 2024A bonds. The bonds are further payable from special assessments levied against benefited properties and net revenue from water and stormwater system utilities, but we rate to the general obligation pledge as we have insufficient information to rate to these alternative pledges pursuant to our criteria. Bond proceeds will be used to finance assessable public improvements and street projects. The 'AA+' long-term rating reflects our view of the city's long history of strong and stable operating performance supported

...Most recent Historical information 2022 2021 2020 Very strong liquidity Total government cash as % of governmental funds expenditures 163 174 159 Total government cash as % 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 330 Overall net debt as % of market value 4.1 Direct debt 10-year amortization (%) 69 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