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

S&P Global Ratings assigned its 'AA-' long-term rating to Norwood Young America, Minn.'s series 2020A general obligation (GO) street reconstruction and refunding bonds and to Norwood Young America Economic Development Authority's (EDA) series 2020 house revenue refunding 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 2020A, EDA series 2020 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 2020A debt service from a combination of special assessments

...S&P Global Ratings assigned its '##-' long-term rating to Norwood Young America, Minn.'s series 2020A general obligation (GO) street reconstruction and refunding bonds and to Norwood Young America Economic Development Authority's (EDA) series 2020 house revenue refunding 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 2020A, EDA series 2020 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 2020A debt service from a combination of special assessments levied against benefited properties and a portion from net utility revenue. The EDA intends to pay debt service on the EDA series 2020 bonds from net revenue of a 36-unit senior housing facility owned by the economic development authority....

Summary