Monticello Independent School District 822 , MN (A1) benefits from a large tax base located north of the Twin Cities with above average wealth and income indices, stabilized financial position and average leverage. The district's credit challenges include a concentrated tax base and, like most Minnesota school districts, a high reliance on state-aid.

We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. We do not see any material immediate credit risks for Monticello Independent School District 882. However, the situation surrounding Coronavirus is rapidly evolving and the longer term impact will depend on both the severity and duration of the crisis. If our view of the credit quality of the district changes, we will update our opinion at that time.

On June 8, 2020 we removed the negative outlook on the district's outstanding general obligation unlimited tax (GOULT) bonds.