Standard & Poor’s upgraded Stearns County’s general obligation rating to AA-plus from AA due to its strong financial performance, increased reserve levels and improved financial management.
The credit review was conducted ahead of the county’s sale of $12.6 million of new-money and refunding GO capital improvement bonds and GO recovery zone economic development bonds.
The credit benefits from the county’s role as a regional center for central Minnesota, good income levels, and moderate debt levels with rapid amortization.
“We expect that the county will maintain its strong financial performance and very strong reserves, despite any pressures related to tax caps or reductions in state aid,” analyst Adam Watson wrote.
