Summary: Rochester, Minnesota Mayo Clinic, Minnesota; Joint Criteria; System

S&P Global Ratings assigned its 'AA/A-1' dual rating to the City of Rochester, Minn.'s $100 million series 2025C tax-exempt variable rate demand bonds (VRDBs) issued for Mayo Clinic, Minn. The long-term component of the rating is based on Mayo Clinic and the short-term is based a standby-bond purchase agreement (SBPA) from Bank of America N.A. S&P Global Ratings also assigned its 'AA+/A-1' dual rating to the City of Rochester, Minn.'s $100 million series 2025D tax-exempt VRDBs revenue bonds, which reflects the application of our joint criteria between the obligor and the letter of credit (LOC) provider, Barclays Bank PLC, using low correlation. At the same time, S&P Global Ratings assigned its 'AA' underlying rating (SPUR) to the series 2025D VRDBs.

...+ S&P Global Ratings assigned its '##/A-1' dual rating to the City of Rochester, Minn.'s $100 million series 2025C tax-exempt variable rate demand bonds (VRDBs) issued for Mayo Clinic, Minn. The long-term component of the rating is based on Mayo Clinic and the short-term is based a standby-bond purchase agreement (SBPA) from Bank of America N.A. + S&P Global Ratings also assigned its '##+/A-1' dual rating to the City of Rochester, Minn.'s $100 million series 2025D tax-exempt VRDBs revenue bonds, which reflects the application of our joint criteria between the obligor and the letter of credit (LOC) provider, Barclays Bank PLC, using low correlation. + At the same time, S&P Global Ratings assigned its '##' underlying rating (SPUR) to the series 2025D VRDBs. + The outlook, where applicable, is stable....

Summary