Standard & Poor’s raised the city of Victoria’s general obligation rating one notch to AA-plus in recognition of good financial management that has contributed to positive general fund operations and the maintenance of very strong reserves.
The upgrade comes in conjunction with the agency’s review of the city’s sale of $3.5 million of permanent improvement revolving fund GOs.
The city benefits from its participation in the diverse Minneapolis-St. Paul metropolitan area economy, strong property tax base growth due to steady residential development, and very strong wealth and income levels. The credit is limited by its high debt levels.
