S&P Global Ratings assigned its 'AA' rating to the City of North Mankato, Minn.'s estimated $3.935 million series 2022A general obligation (GO) improvement bonds. At the same time, we affirmed our 'AA' long-term rating on the city's GO bonds outstanding. The outlook on all ratings is stable. Securing the bonds are special assessments levied against benefitted properties, as well as the city's full-faith-and-credit pledge and ability to levy unlimited ad valorem property taxes. We are rating to the unlimited tax pledge because the other pledges lack legal provisions to rate under our criteria. Officials will use proceeds for street improvements. Recent economic and financial challenges were weathered through proactive management, with minimal and even positive impact on city revenues, and
