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

S&P Global Ratings assigned its 'SP-1+' short-term rating to Norwood Young America, Minn.'s anticipated $3.9 million series 2024A general obligation (GO) temporary improvement bonds. At the same time, we affirmed our 'AA' long-term rating and underlying rating on the city's GO bonds outstanding. The outlook is stable. The short-term rating on the series 2024A GO temporary improvement bonds reflects our criteria for evaluating and rating bond anticipation notes (BANs). In our view, Norwood Young America has very strong capacity to pay principal and interest when the BANs come due. Also in our view, the city has a low market risk profile because it has strong legal authority to issue long-term debt to take out the BANs and regularly provides disclosure

...Most recent Historical information 2022 2021 2020 Strong economy Projected per capita EBI as % of U.S. 90 Market value per capita ($) 114,912 Population 4,102 4,025 3,926 County unemployment rate (%) 2.2 Market value ($000s) 471,367 405,009 361,215 352,587 Ten largest taxpayers as % of taxable value 16.8 Strong budgetary performance Operating fund result as % of expenditures 3.0 10.0 15.2 Total governmental funds result as % of expenditures 16.7 23.1 17.7 Very strong budgetary flexibility Available reserves as % of operating expenditures 86.2 80.9 96.4 Total available reserves ($000s) 2,151 1,792 2,255 Very strong liquidity Total government cash as % of governmental funds expenditures 212 198 164 Total government cash as % of governmental funds debt service 744 578 450 Strong management Financial management assessment Good Weak debt and long-term liabilities Debt service as % of governmental funds expenditures 28.6 34.2 36.5 Net direct debt as % of governmental funds revenue 288 Overall...

Summary