Summary: Sleepy Eye, Minnesota; General Obligation; Non-School State Programs

S&P Global Ratings has assigned its 'AA-' long-term rating to Sleepy Eye, Minn.'s series 2020A general obligation (GO) refunding bonds and series 2020B GO improvement bonds. S&P Global Ratings has also affirmed its 'AA-' rating on the city's existing GO debt. The outlook is stable. The series 2020A bonds are secured by special assessments and net revenues of the city-owned medical center as well as the city's unlimited ad valorem tax pledge. We rate the bonds based on the city's GO pledge because the net revenue and special assessment pledges do not meet our key criteria requirements. The 2020A proceeds will be used to refund the series 2012A, 2012B, 2012C, and 2012D bonds for interest cost savings. The series 2020B

...S&P Global Ratings has assigned its '##-' long-term rating to Sleepy Eye, Minn.'s series 2020A general obligation (GO) refunding bonds and series 2020B GO improvement bonds. S&P Global Ratings has also affirmed its '##-' rating on the city's existing GO debt. The outlook is stable. The series 2020A bonds are secured by special assessments and net revenues of the city-owned medical center as well as the city's unlimited ad valorem tax pledge. We rate the bonds based on the city's GO pledge because the net revenue and special assessment pledges do not meet our key criteria requirements. The 2020A proceeds will be used to refund the series 2012A, 2012B, 2012C, and 2012D bonds for interest cost savings. The series 2020B bonds are secured by special assessments of benefited properties and an unlimited ad valorem tax pledge. We rate the bonds based on the city's GO pledge because the special assessment pledge does not meet our key criteria requirements. Proceeds of the 2020B bonds will be used...

Summary