Summary: North Mankato, Minnesota; General Obligation; Non-School State Programs

S&P Global Ratings assigned its 'AA' long-term rating to North Mankato, Minn.'s series 2018A general obligation (GO) bonds. At the same time, we affirmed our 'AA' long-term rating on the city's GO bonds outstanding. The outlook is stable. The bonds are secured by the city's full faith and credit pledge and ability to levy unlimited ad valorem property taxes. The bonds are payable from special assessments and tax levies; however, the rating is based on the unlimited ad valorem tax pledge, which we view as the stronger security. Proceeds will be used to finance improvements to the Spring Lake Park Facility and the Jefferson Avenue street project. The 'AA' underlying rating reflects our assessment of the city's creditworthiness, specifically its:

...S&P Global Ratings assigned its '##' long-term rating to North Mankato, Minn.'s series 2018A general obligation (GO) bonds. At the same time, we affirmed our '##' long-term rating on the city's GO bonds outstanding. The outlook is stable. The bonds are secured by the city's full faith and credit pledge and ability to levy unlimited ad valorem property taxes. The bonds are payable from special assessments and tax levies; however, the rating is based on the unlimited ad valorem tax pledge, which we view as the stronger security. Proceeds will be used to finance improvements to the Spring Lake Park Facility and the Jefferson Avenue street project. The '##' underlying rating reflects our assessment of the city's creditworthiness, specifically its: + Adequate economy, with market value per capita of $90,390 and projected per capita effective buying income (EBI) at 98.3% of the national level; + Strong management, with good financial policies and practices under our Financial Management Assessment...

Summary