...S&P Global Ratings assigned its '##+' long-term rating to Forest Lake, Minn.'s series 2019A general obligation (GO) bonds. At the same time, we affirmed our '##+' long-term rating on the city's GO debt and our '##' long-term rating on the city's lease revenue bonds outstanding. The outlook is stable. The city's full faith and credit unlimited ad valorem tax GO pledge secures the series 2019A GO bonds. The city has also pledged net revenue from the water and sewer systems, though our rating is based on the unlimited-tax pledge. Bond proceeds will be used to refund a portion of the city's debt outstanding for interest rate savings, to fund various water projects, and to finance street reconstruction projects. The rating on the lease revenue bonds is one notch off the GO rating, reflecting our view of the risk in the city's covenant to appropriate annual debt service payments. Forest Lake's rental payments under a lease agreement with the Economic Development Authority secure the lease revenue...
