...S&P Global Ratings assigned its '##' long-term rating to North Mankato Port Authority Commission, Minn.'s series 2020A general obligation (GO) refunding bonds. At the same time, we affirmed our '##' long-term rating on the City of North Mankato'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 an unlimited ad valorem tax pledge. Proceeds will be used to current refund the series 2011A bonds to generate interest cost savings. North Mankato's budgetary performance remains strong and stable. This reflects the city's management policies and practices, which we view as strong. Historically, the city has consistently maintained reserves at a level compliant with its fund balance policy of 25%-35% of expenditures, a trend we expect will continue. The rating also reflects a strong management team that monitors financial performance regularly and continuously...
