Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Hastings, Minn.'s series 2013A general obligation (GO) refunding bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating on the city's existing GO bonds. The outlook is stable. The rating reflects our assessment of the city's: Access to the deep and diverse Minneapolis-St. Paul (Twin Cities) metropolitan area economy; Good to strong income indicators and strong market value per capita; and Strong financial profile characterized by very strong general fund reserves, which is supplemented by the hydro fund on annual basis. We believe the city's high carrying charges, although somewhat offset by rapid amortization, is a limiting credit consideration. The city's unlimited-tax GO pledge secures the
