Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Forest Lake, Minn.'s series 2010A general obligation (GO) refunding bonds. The rating reflects our assessment of the city's: Participation and access to the strong Minneapolis-St. Paul (Twin Cities) metropolitan area; Favorable economic indicators, reflecting good income levels and extremely strong market value per capita; Maintenance of very strong reserves, coupled with good financial management policies; and Low-to-moderate debt burden with rapid amortization. Officials plan to use bond proceeds to refund the 2012-2016 maturities of the city's series 2003A bonds outstanding for interest cost savings. The city's full faith and credit pledge secures the bonds. The city, in Washington County, is about 26 miles north of the Minneapolis-St.
