...S&P Global Ratings assigned its '##' long-term rating to Hastings, Minn.'s series 2019A 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 series 2019A bonds. The city will also pledge special assessments against benefited properties and net revenue of its water utility system. 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 fund a water project and other related improvements. The city's outstanding bonds are secured by its unlimited ad valorem tax GO pledge, in addition to special assessments, tax-increment financing (TIF), and enterprise revenue. All ratings are based on the city's unlimited ad valorem tax GO pledge....
