Summary: Minneapolis; General Obligation

S&P Global Ratings assigned its 'AAA' rating to Minneapolis' series 2017 general obligation (GO) various purpose bonds. At the same time, we affirmed our 'AAA' ratings on the city's existing GO debt. The outlook is stable. The 2017 bonds are secured by the city's GO pledge and are payable from ad valorem tax against all taxable property within its borders without limit as to rate or amount. The bonds are additionally secured by special assessment revenue and revenues of the water, park, and sanitary sewer systems, though we rate the bonds to the city's GO pledge. Officials will use bonds proceeds for various capital improvement projects. The city's GO bonds are eligible to be rated above the sovereign because we

...S&P Global Ratings assigned its '###' rating to Minneapolis' series 2017 general obligation (GO) various purpose bonds. At the same time, we affirmed our '###' ratings on the city's existing GO debt. The outlook is stable. The 2017 bonds are secured by the city's GO pledge and are payable from ad valorem tax against all taxable property within its borders without limit as to rate or amount. The bonds are additionally secured by special assessment revenue and revenues of the water, park, and sanitary sewer systems, though we rate the bonds to the city's GO pledge. Officials will use bonds proceeds for various capital improvement projects. The city's GO bonds are eligible to be rated above the sovereign because we believe the city can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria, titled "Ratings Above The Sovereign--Corporate And Government Ratings: Methodology And Assumptions" (published Nov. 19, 2013, on RatingsDirect), U.S. local governments...

Summary