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Summary: Luverne, MN; Tax Secured, General Obligation Jun 04

  • ID: 2083851
  • June 2004
  • Standard & Poors

Standard & Poor's Ratings Services raised its rating on Luverne, Minn.'s outstanding GO bonds to 'A-' from 'BBB+' based on the city's continued economic expansion, which is reflected in small population gain, growth in income levels, and tax base growth, coupled with strong management and organized economic development efforts. Standard & Poor's also assigned its 'A-' rating to the city's $2.755 million GO water and sewer revenue bonds series 2004. Additional rating factors include the city's: Proximity to Sioux Falls for additional employment opportunities; Consistently strong general fund balances; and Moderate debt levels. Growing, but still below-average, wealth levels and high debt service carrying charges continue to constrain the rating. The city's GO pledge secures the bonds, but the city...

Companies mentioned in this report are: Luverne
Action: New Rating
Action: Outlook: Stable
Action: Upgraded

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