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Summary: Ramsey, Minnesota; General Obligation <br />Outlook <br />The stable outlook reflects our view of Ramsey's very strong budgetary flexibility and liquidity, which is supported by <br />strong management conditions. It also reflects the city's access to the broad and diverse Twin Cities MSA, which <br />provides a moderating effect on local economic fluctuations. We do not expect to change the rating within the <br />two-year outlook period. <br />Upside scenario <br />Although unlikely, in our opinion, a higher rating is possible if economic indicators improve to, and are sustained at, <br />levels that are commensurate with those of higher rated peers, in addition to no deterioration in budgetary <br />performance or flexibility and no weakening in the debt profile. <br />Downside scenario <br />We could lower the rating if, due to budgetary imbalance, available reserves weakened significantly. <br />Related Research <br />• S&P Public Finance Local GO Criteria: How We Adjust Data For Analytic Consistency, Sept. 12, 2013 <br />• Incorporating GASB 67 And 68: Evaluating Pension/OPEB Obligations Under Standard & Poor's U.S. Local <br />Government GO Criteria, Sept. 2, 2015 <br />Ratings Detail (As Of June 21, 2018) <br />Ramsey GO <br />Long Term Rating <br />Ramsey GO <br />Long Term Rating <br />Ramsey GO <br />Long Term Rating <br />Ramsey GO <br />Long Term Rating <br />AA+/Stable <br />AA+/Stable <br />AA+/Stable <br />AA+/Stable <br />Affirmed <br />Affirmed <br />Affirmed <br />Affirmed <br />Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, <br />have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. <br />Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is <br />available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found <br />on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left <br />column. <br />WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JUNE 21, 2018 5 <br />