S&P Global Ratings assigned its 'AA' long-term rating to Hastings, Minn.'s series 2020A general obligation (GO) bonds. At the same time, we affirmed our 'AA' underlying rating on the city's GO bonds outstanding. The outlook is stable. Securing the bonds is the city's full faith and credit pledge and ability to levy unlimited ad valorem property taxes. The bonds are payable from special assessments, net revenues from the city's sewer and water systems, and a dedicated tax levy, but the rating is based on the unlimited ad valorem tax pledge. Proceeds will be used to finance various street and utility improvements throughout the city. Hastings' strong history of positive operations, a growing tax base, and a very strong liquidity position
