Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to North Mankato, Minn.'s series 2009D general obligation (GO) state aid street and refunding bonds and North Mankato Port Authority Commission, Minn.'s series 2009E GO taxable refunding bonds, issued for the city, and affirmed its 'AA' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's existing debt. North Mankato's GO pledge secures the bonds. In our opinion, the ratings reflect the city's: Participation in the Mankato economic base, including the city's own economic base; Good-to-strong economic income and wealth indicators; Very strong financial reserves; and Moderate overall debt burden. The city's high debt carrying charge limits the rating. Officials plan to use series
