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

S&P Global Ratings raised its long-term rating and underlying rating to 'AA' from 'AA-' on Norwood Young America, Minn.'s general obligation (GO) bonds outstanding. At the same time, we assigned our 'AA' long-term rating to the city's approximately $2.2 million series 2023A taxable GO tax abatement bonds. The outlook is stable. The rating action reflects our view of the city's growing local economy, as is evident in improved market value per capita, and sustained high reserves resulting mostly from surplus operations and good financial management practices and policies. The city's full faith and credit, including its ability to levy ad valorem property taxes without limitation as to rate or amount, secures the series 2023A bonds. Per the bond documents, the

...Most recent Historical information 2021 2020 2019 Weak debt and long-term liabilities Debt service as % of governmental funds expenditures 34.2 36.5 35.7 Net direct debt as % of governmental funds revenue 234 Overall net debt as % of market value 5.2 Direct debt 10-year amortization (%) 75 Required pension contribution as % of governmental funds expenditures 1.9 OPEB actual contribution as % of governmental funds expenditures 0 Strong institutional framework Note: Data points and ratios may reflect analytical adjustments. EBI--Effective buying income. OPEB--Other postemployment benefits....

Summary