Standard&Poor's Ratings Services assigned its 'AA' long-term rating to city of Hastings, Minn.'s series 20010A general obligation (GO) public facilities refunding bonds, and affirmed the 'AA' rating on the city's existing bonds. The outlook is stable. The rating reflects the following characteristics: Access to the deep and diverse Minneapolis-St. Paul metropolitan area economy; Economic indicators we consider at least good; A very strong financial position, in our opinion; and Annual debt service charges we consider high, although these are partially offset by rapid debt amortization. In addition, a large amount of debt is offset with non-ad valorem revenues. The bonds are general obligations of the city for which the city pledges its full faith and credit and power
