Summary: Minneapolis, Minnesota; General Obligation

S&P Global Ratings has assigned its 'AAA' rating to Minneapolis, Minn.'s series 2018 general obligation (GO) library referendum refunding bonds and the city's series 2018 GO capital improvement bonds. At the same time, S&P Global Ratings affirmed its 'AAA' ratings on the city's existing GO debt. The outlook is stable. Each series of bonds is secured by the city's full-faith-and-credit GO pledge and ability to levy unlimited ad valorem taxes against all taxable property within its borders. The library referendum refunding bond proceeds will refinance existing debt for interest cost savings, while the capital improvement bond proceeds will finance the construction of new city facilities. Minneapolis' GO bonds are eligible to be rated above the sovereign, because we believe the

...S&P Global Ratings has assigned its '###' rating to Minneapolis, Minn.'s series 2018 general obligation (GO) library referendum refunding bonds and the city's series 2018 GO capital improvement bonds. At the same time, S&P Global Ratings affirmed its '###' ratings on the city's existing GO debt. The outlook is stable. Each series of bonds is secured by the city's full-faith-and-credit GO pledge and ability to levy unlimited ad valorem taxes against all taxable property within its borders. The library referendum refunding bond proceeds will refinance existing debt for interest cost savings, while the capital improvement bond proceeds will finance the construction of new city facilities. Minneapolis' 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...

Summary