Summary: Woodbury, Minnesota; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Woodbury, Minn.'s $7.5 million series 2020A general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's existing GO debt. The 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 existing GO debt also benefits from additionally pledged revenues; however, we rate all of the debt to the city's GO pledge. Proceeds from the 2020A bonds will finance the city's annual street improvement projects and refund the series 2010A GO bonds, for interest

...S&P Global Ratings assigned its '###' long-term rating to Woodbury, Minn.'s $7.5 million series 2020A general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's existing GO debt. The 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 existing GO debt also benefits from additionally pledged revenues; however, we rate all of the debt to the city's GO pledge. Proceeds from the 2020A bonds will finance the city's annual street improvement projects and refund the series 2010A GO bonds, for interest savings. We rate Woodbury'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, "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions"...

Summary