Summary: Woodbury, Minnesota; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Woodbury, Minn.'s series 2018A general obligation (GO) bonds. At the same time, we affirmed our 'AAA' long-term rating on the city's existing GO debt. The GO outlook is stable. Woodbury's unlimited-property tax GO pledge and an additional pledge of special assessment revenues secure the bonds. The city's existing GO debt also pledges certain additional revenues. However, we rate to the city's GO pledge. Proceeds from the 2018A bonds will be used to construct a new public works facility and street improvements. We rate the city's GO bonds above the sovereign because we believe the city can maintain better credit characteristics than the nation in a stress scenario. Under our criteria, titled

...S&P Global Ratings assigned its '###' long-term rating to Woodbury, Minn.'s series 2018A general obligation (GO) bonds. At the same time, we affirmed our '###' long-term rating on the city's existing GO debt. The GO outlook is stable. Woodbury's unlimited-property tax GO pledge and an additional pledge of special assessment revenues secure the bonds. The city's existing GO debt also pledges certain additional revenues. However, we rate to the city's GO pledge. Proceeds from the 2018A bonds will be used to construct a new public works facility and street improvements. We rate the city's GO bonds above the sovereign because we believe the city can maintain better credit characteristics than the nation in a stress scenario. Under our criteria, titled "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," published Nov. 19, 2013, on RatingsDirect, the city primarily has a locally derived revenue source, as 70% of general fund revenue is derived from property...

Summary