...S&P Global Ratings assigned its '##' long-term rating to Hastings, Minn.'s series 2016B general obligation (GO) 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. The city will also pledge special assessments against benefited properties. The rating is based on the city's unlimited ad valorem tax GO pledge, which we view as the stronger security. Bond proceeds will be used to for various street improvements, the city's riverfront renaissance project, and equipment acquisition. The city's outstanding bonds are secured by its unlimited ad valorem GO pledge in addition to special assessments, tax-increment financing, and enterprise revenues. The long-term rating reflects our assessment of the following factors for the city, specifically its:...
