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 $6.11 million series 2023A general obligation (GO) temporary tax abatement bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating on the city's existing GO bonds. The outlook is stable. The series 2023A 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 additional temporary bonds or definitive bonds, abating the city's portion of taxes from specific parcels and ad valorem property taxes. However, we rate to the city's GO pledge. Bond proceeds

...Most recent Historical information 2021 2020 2019 Strong economy Projected per capita EBI % of U.S. 104 Market value per capita ($) 117,498 Population 20,465 20,374 20,411 County unemployment rate(%) 3.1 Market value ($000) 2,404,605 2,199,332 2,059,485 1,914,889 Ten largest taxpayers % of taxable value 9.6 Strong budgetary performance Operating fund result % of expenditures (12.4) 19.5 5.4 Total governmental fund result % of expenditures 2.2 15.3 15.4 Very strong budgetary flexibility Available reserves % of operating expenditures 71.3 82.7 64.4 Total available reserves ($000) 10,526 11,845 8,977 Very strong liquidity Total government cash % of governmental fund expenditures 118 128 114 Total government cash % of governmental fund debt service 601 717 695 Strong management Financial Management Assessment Good Weak debt & long-term liabilities Debt service % of governmental fund expenditures 19.6 17.8 16.4 Net direct debt % of governmental fund revenue 135 Overall net debt % of market value...

Summary