Summary: West Saint Paul, Minnesota; General Obligation; Non-School State Programs

S&P Global Ratings assigned its 'AA' long-term rating to West Saint Paul, Minn.'s anticipated $2.64 million series 2020A general obligation (GO) tax abatement refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA' ratings on the city's existing GO debt. The outlook is stable. The series 2020A and parity bonds are GOs of the city for which its full faith, credit, and taxing powers are pledged without limitation as to rate or amount. The city anticipates that the debt service will be paid from abating its portion of taxes from specific parcels and ad valorem property taxes. However, we rate to the city's GO pledge. Bond proceeds will be used to current refund the city's series 2012B GO

...S&P Global Ratings assigned its '##' long-term rating to West Saint Paul, Minn.'s anticipated $2.64 million series 2020A general obligation (GO) tax abatement refunding bonds. At the same time, S&P Global Ratings affirmed its '##' ratings on the city's existing GO debt. The outlook is stable. The series 2020A and parity bonds are GOs of the city for which its full faith, credit, and taxing powers are pledged without limitation as to rate or amount. The city anticipates that the debt service will be paid from abating its portion of taxes from specific parcels and ad valorem property taxes. However, we rate to the city's GO pledge. Bond proceeds will be used to current refund the city's series 2012B GO tax abatement bonds for expected interest cost savings. As part of the present rating action, we are affirming our '##' ratings on several of the city's unlimited-tax GO bonds outstanding that are secured by multiple revenue streams, including special assessments, tax abatements, and tax-increment...

Summary