Summary: Norwood Young America, Minnesota; General Obligation; Non-School State Programs

S&P Global Ratings assigned its 'AA-' long-term rating to Norwood Young America, Minn.'s series 2016A general obligation (GO) refunding bonds. In addition, we affirmed our 'AA-' long-term rating and underlying rating (SPUR) on the city's GO bonds. The outlook is stable. The bonds are general obligations of the city for which its full faith, credit and taxing powers are pledged without limitation as to rate or amount. The city anticipates that the debt service will be paid from a combination of special assessments levied against properties benefitted by improvements financed by the series 2008A bonds; from net revenues of the water system, which is owned and operated by the city; and from ad valorem property taxes. We do not rate

...S&P Global Ratings assigned its '##-' long-term rating to Norwood Young America, Minn.'s series 2016A general obligation (GO) refunding bonds. In addition, we affirmed our '##-' long-term rating and underlying rating (SPUR) on the city's GO bonds. The outlook is stable. The bonds are general obligations of the city for which its full faith, credit and taxing powers are pledged without limitation as to rate or amount. The city anticipates that the debt service will be paid from a combination of special assessments levied against properties benefitted by improvements financed by the series 2008A bonds; from net revenues of the water system, which is owned and operated by the city; and from ad valorem property taxes. We do not rate the other pledges and have assigned the GO rating to these bonds. We understand that the bond proceeds will be used to effect an advance crossover refunding of certain outstanding GO debt for interest cost savings. The ratings reflect our view of the city's:...

Summary