S&P Global Ratings assigned its 'AA' long-term rating to Hastings, Minn.'s approximately $6.8 million series 2022A general obligation (GO) bonds. 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 and net revenue from the city's sewer and water systems, 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 positioned for continuous residential growth due to its proximity to the metropolitan statistical area (MSA). In our view, the city's
