Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Hastings, Minn.'s series 2013B general obligation (GO) bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating on the city's existing GO debt. The outlook is stable. A pledge of the city's full-faith-credit-and-resources and an agreement to levy ad valorem property taxes without limitation as to rate or amount secure these bonds. For the series 2013B, the city expects to pay debt service from a combination of special assessments levied against properties that benefit from improvements financed by the bonds and from ad valorem property taxes. It is our understanding that officials will use series 2013B bond proceeds for various public improvements within the city and
