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Summary: Edina, Minnesota; General Obligation Mar 09
Standard & Poors, March 2009
Standard & Poor's Ratings Services assigned its 'AAA' rating, and stable outlook, to Edina, Minn.'s series 2009A general obligation (GO) capital improvement plan bonds and series 2009B GO refunding bonds and affirmed its 'AAA' rating, with a stable outlook, on the city's existing debt. The rating reflects the city's: Participation in the Minneapolis metropolitan statistical area (MSA) and role as a first-ring suburb in the prosperous Minneapolis-St. Paul (Twin Cities) western suburbs; Strong financial performance with very strong fund balance levels, both on a dollar and a percent of expenditure basis; Evidence of ongoing strong management practices; and Manageable debt burden with a very rapid amortization schedule, primarily supported by nonproperty tax revenue sources. Both series of bonds are secured...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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