S&P Global Ratings assigned its 'AA-' long-term rating to Norwood Young America, Minn.'s approximately $2.7 million series 2022A general obligation (GO) improvement and utility bonds. The outlook is stable. The series 2022A bonds are secured by the city's full faith and credit, including its ability to levy ad valorem property taxes without limitation as to rate or amount. Per the bond documents, the city plans to finance a portion of the series 2022A debt service from a combination of special assessments levied against benefited properties and a portion from net utility revenue. We rate the series 2022A bonds to the city's GO pledge. Proceeds will be used to finance street and utility public improvements. In our view, the city benefits
