Standard&Poor's Ratings Services assigned its 'AA' long-term rating to North Mankato, Minn.'s series 2014A general obligation (GO) bonds. We also affirmed our 'AA' rating on the city's outstanding GO debt. The outlook is stable. A pledge of the city's full-faith-credit-and-resources and an agreement to levy ad valorem property taxes without limitation as to rate or amount secure these bonds. North Mankato expects to pay debt service from tax abatement revenues and municipal sanitation, sewer, and water revenues. The city will use bond proceeds to finance sanitary, storm, water and street improvements, a lift station, and equipment costs. The rating reflects our assessment of the city's: Adequate economy, which benefits from access and participation in the broad and diverse
