Summary: St. Joseph, Minnesota; General Obligation; Non-School State Programs Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services has assigned its 'A+' long-term rating to St. Joseph, Minn.'s series 2012A general obligation (GO) water revenue crossover refunding bonds. Standard & Poor's also affirmed its 'A+' long-term rating and underlying rating (SPUR) and 'AA+' program rating on the city's previously issued GO debt. The outlook is stable. The 'AA+' program rating reflects the city's participation in the Minnesota Credit Enhancement Program. The 'A+' long-term rating and SPUR reflect our view of the city's: Proximity and access to St. Cloud, Minn., which provides a diverse employment base; Good income levels; Maintenance of very strong reserves; and Moderate overall debt burden. Partially offsetting the preceding credit strengths are the city's historically high debt service carrying charges,...

Companies mentioned in this report are: St. Joseph
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

St. Joseph

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