Summary: Hastings, Minnesota; General Obligation

S&P Global Ratings raised its rating to 'AA+' from 'AA' on Hastings, Minn.'s general obligation (GO) bonds outstanding. At the same time, S&P Global Ratings assigned its 'AA+' rating to the city's $4.45 million series 2023A GO bonds. The outlook on all ratings is stable. The upgrade reflects an improved Financial Management Assessment (FMA) score along with continuous improvement to economic metrics. Securing the bonds is the city's full faith and credit pledge and ability to levy unlimited ad valorem property taxes. The bond proceeds will finance street improvements throughout the city. Historically, the city has maintained positive financial operations, which we believe is at least partially attributable to its financial management practices and policies. For the fiscal 2023 budget,

...Most recent Historical information 2021 2020 2019 Strong economy Projected per capita EBI % of U.S. 108 Market value per capita ($) 106,681 Population 24,188 23,971 23,810 County unemployment rate(%) 3.1 Market value ($000) 2,580,390 2,348,113 2,231,816 Ten largest taxpayers % of taxable value 5.9 Strong budgetary performance Operating fund result % of expenditures 5.8 11.4 2.9 Total governmental fund result % of expenditures 2.0 1.9 9.5 Very strong budgetary flexibility Available reserves % of operating expenditures 62.0 67.9 50.9 Total available reserves ($000) 11,283 10,374 7,783 Very strong liquidity Total government cash % of governmental fund expenditures 111 102 103 Total government cash % of governmental fund debt service 831 701 586 Very strong management Financial Management Assessment Strong Strong debt & long-term liabilities Debt service % of governmental fund expenditures 13.4 14.6 17.6 Net direct debt % of governmental fund revenue 74 Overall net debt % of market value 2.4...

Summary