S&P Global Ratings assigned its 'AA+' long-term rating to Forest Lake, Minn.'s series 2016A unlimited-tax general obligation (GO) wastewater revenue bonds. At the same time, we affirmed our 'AA+' long-term rating on the city's GO debt and our 'AA' rating on the city's outstanding lease revenue bonds. The outlook on all ratings is stable. A pledge of the city's full-faith-credit-and-resources and its unlimited property tax pledge secure the 2016A bonds. The city has also pledged net revenues from the wastewater system, though our rating is based on the unlimited-tax pledge. It is our understanding that bond proceeds will be used to finance wastewater lift stations within the city. The rating on the lease revenue bonds is one notch off the
