Summary: Woodbury, Minnesota; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Woodbury, Minn.'s series 2016A general obligation (GO) improvement bonds. At the same time, we affirmed our 'AAA' long-term rating on the city's existing GO debt. The outlook is stable. The city's unlimited ad valorem property tax pledge secures the series 2016A bonds. The city is also pledging special assessment revenues for repayment of the bonds, but we base our rating on the city on its GO pledge, the stronger of the two pledges. Woodbury intends to use the series 2016A bond proceeds for financing a roadway rehabilitation project. The city's GO bonds are eligible to be rated above the sovereign because we believe the city can maintain better credit characteristics than

...S&P Global Ratings assigned its '###' long-term rating to Woodbury, Minn.'s series 2016A general obligation (GO) improvement bonds. At the same time, we affirmed our '###' long-term rating on the city's existing GO debt. The outlook is stable. The city's unlimited ad valorem property tax pledge secures the series 2016A bonds. The city is also pledging special assessment revenues for repayment of the bonds, but we base our rating on the city on its GO pledge, the stronger of the two pledges. Woodbury intends to use the series 2016A bond proceeds for financing a roadway rehabilitation project. The city's GO bonds are eligible to be rated above the sovereign because we believe the city can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," U.S. local governments are considered to have moderate sensitivity to country risk. The city's GO pledge severely limits...

Summary