S&P Global Ratings assigned its 'AA' long-term rating to Hastings, Minn.'s approximately $2.2 million series 2021A 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. The bond proceeds will finance various street and utility improvements throughout the city. Hastings is a predominantly residential community south of the Twin Cities that is well
