S&P Global Ratings assigned its 'AA' long-term rating to North Mankato, Minn.'s series 2020B general obligation (GO) improvement bonds. At the same time, we affirmed our 'AA' underlying rating on the city's GO bonds outstanding. The outlook is stable. Securing the bonds is the city's full faith and credit pledge and ability to levy unlimited ad valorem property taxes. The bonds are payable from special assessments, but the rating is based on the unlimited ad valorem tax pledge. Proceeds will be used to finance various street improvements throughout the city, including contributions to safe routes to school with sidewalk and trail expansions. North Mankato, having maintained a stable history of balanced operational performance, complete with very strong available reserves, has
