Taxable Sales Tax Revenue Bonds Series 2024B
The City of Bloomington was assigned the 'AA' long-term rating to the City's anticipated $34,865,000 series 2024B taxable sales tax revenue bonds.
- S&P Global Rating Report (October 2024)
- Excerpt from the opinion, "The stable outlook reflects our expectation that Bloomington's sales and use tax revenue will provide strong coverage for all parity senior-lien bonds, given the 1.60x ABT, moderate-to-low revenue volatility, and strong-to-very strong economic fundamentals of the city. The city's strong general creditworthiness and its participation in the broad and diverse MSA, lend additional rating stability."
- City of Bloomington's credit rating interview presentation
General Obligation Charter Bonds, Series 2024A (Social Bonds)
The City of Bloomington was assigned top ratings for their August 2024 bond sale by S&P Global for the General Obligation (G.O.) Charter Bonds, Series 2024A (Social Bonds)
- S&P Global Rating Report (July 2024)
- S&P Global Ratings assigned its 'AAA' rating to the City of Bloomington's anticipated $11 million series
2024A general obligation (GO) charter bonds (social bonds). - At the same time, S&P Global Ratings affirmed its 'AAA' rating on the city's existing GO debt.
- The outlook is stable.
Fitch Ratings Normal Surveillance (March 2025)
RATING ACTION COMMENTARY
Fitch Affirms Bloomington, MN's IDR and GOs at 'AAA'; Outlook Stable
Fitch Ratings - Chicago - 21 Mar 2025: Fitch Ratings has affirmed Bloomington, MN's Issuer Default Rating (IDR) and outstanding unlimited tax general obligation (ULTGO) bonds rating at 'AAA'. The Rating Outlook is Stable.
Read the complete report here.
The purpose of the City of Bloomington Social Bonds Framework is to document certain processes and commitments relating to the proposed issuance of the Series 2024A Social Bonds.
Second Party Opinion
Kestrel, an Approved Verifier accredited by the Climate Bonds Initiative, has provided an independent external review and opinion that the General Obligation Charter Bonds, Series 2024A conform with the four core components of the International Capital Market Association Social Bond Principles, and therefore qualify for Social Bonds designation.
The Park System Improvements align with the Access to Essential Services project category of the Social Bond Principles. By improving access to green space and providing public spaces for gathering and socializing, the Projects and the 2024A Bonds directly advance the Bloomington vision for a connected, healthy community with equitable economic growth.