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 $1.7 million series 2021A general obligation (GO) bonds. At the same time, we affirmed our 'AA-' long-term rating and underlying rating on the city's GO debt outstanding. The outlook is stable. The series 2021A bonds and GO debt outstanding 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 2021A debt service from a combination of special assessments levied against benefited properties and a portion from net utility revenue. We rate the series 2021A bonds to the city's

...S&P Global Ratings assigned its '##-' long-term rating to Norwood Young America, Minn.'s $1.7 million series 2021A general obligation (GO) bonds. At the same time, we affirmed our '##-' long-term rating and underlying rating on the city's GO debt outstanding. The outlook is stable. The series 2021A bonds and GO debt outstanding 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 2021A debt service from a combination of special assessments levied against benefited properties and a portion from net utility revenue. We rate the series 2021A bonds to the city's GO pledge. Proceeds will be used to finance public and utility improvements....

Summary