Standard&Poor's Ratings Services assigned its 'AA' long-term rating to North Mankato, Minn.'s series 2015A general obligation (GO) bonds and 2015B GO refunding bonds. We also affirmed our 'AA' rating on the city's outstanding GO debt. The outlook is stable. The series 2015A bonds are secured by 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. The bonds are also payable from special assessments and an annual tax abatement levy; however the rating is based on the unlimited ad valorem tax pledge which we view as the stronger security. Series 2015A bond proceeds will be used to finance sanitary storm, water, and street improvements. The series
