S&P Global Ratings assigned its 'AAA' long-term rating to Woodbury, Minn.'s series 2019A 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. The city's full faith and credit unlimited ad valorem tax GO pledge secures the bonds. The bonds also benefit from a pledge of special assessment revenues, but we rate to the GO pledge. Some of Woodbury's other existing GO debt also benefits from additionally pledge revenues; however, we rate all of them to the city's GO pledge. Proceeds from the 2019A bonds will finance the city's annual street improvement projects. We rate the city's GO bonds above the sovereign because we believe
