S&P Global Ratings assigned its 'AA' long-term rating to Norwood Young America, Minn.'s roughly $2.62 million series 2024B general obligation (GO) improvement and utility bonds based on the application of its criteria, "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city's existing GO debt. The outlook is stable. The city's full-faith-and-credit pledge, including its ability to levy ad valorem property taxes without limitation as to rate or amount, secures its GO debt outstanding. A portion of GO debt outstanding is further payable from a combination of special assessments levied against benefited properties, tax-abatement revenue, and net utility revenue. We
