Summary: Woodbury, Minnesota; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Woodbury, Minn.'s series 2017A 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. Woodbury's GO unlimited property tax pledge secures the bonds as well as an additional pledge of special assessment revenues. The city's existing GO debt also pledges certain additional revenues. However, we rate to the GO pledge, which we view as the stronger security. Proceeds from the 2017A bonds will be used for public improvements. 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

...S&P Global Ratings assigned its '###' long-term rating to Woodbury, Minn.'s series 2017A 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. Woodbury's GO unlimited property tax pledge secures the bonds as well as an additional pledge of special assessment revenues. The city's existing GO debt also pledges certain additional revenues. However, we rate to the GO pledge, which we view as the stronger security. Proceeds from the 2017A bonds will be used for public improvements. 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 the possibility...

Summary