The 'AA' long-term rating assigned to the City of Hastings, Minn.'s series 2010B general obligation (GO) improvement bonds and 2010C GO equipment certificates of indebtedness reflects the following characteristics: Access to the deep and diverse Minneapolis-St. Paul metropolitan area economy; Economic indicators that Standard&Poor's Ratings Services considers 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, and a large amount of debt 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 to levy direct general ad valorem taxes. The city will use the
