Summary: Hastings, Minnesota; General Obligation

Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Hastings, Minn.'s series 2016A general obligation (GO) tax increment revenue bonds. At the same time, we affirmed our 'AA' long-term rating on the city's previously rated 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 the bonds. For series 2016A, the city will also pledge tax increment revenue collections. Our rating is based on the city's full-faith-credit-and-resource unlimited-tax GO pledge, which we feel is the stronger pledge. It is our understanding that bond proceeds for the series 2016A will be used to the refund the Hastings Economic Development and

...Standard & Poor's Ratings Services assigned its '##' long-term rating to Hastings, Minn.'s series 2016A general obligation (GO) tax increment revenue bonds. At the same time, we affirmed our '##' long-term rating on the city's previously rated 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 the bonds. For series 2016A, the city will also pledge tax increment revenue collections. Our rating is based on the city's full-faith-credit-and-resource unlimited-tax GO pledge, which we feel is the stronger pledge. It is our understanding that bond proceeds for the series 2016A will be used to the refund the Hastings Economic Development and Redevelopment Authority series 2010A bonds for interest cost savings. The long-term rating reflects our assessment of the following factors for the city:...

Summary