Standard & Poor’s has upgraded Park Rapids one notch to A-plus ahead of its sale of general obligation improvement bonds.
“The upgrade reflects the city’s maintenance of very strong financial reserves, backed by its good financial management practices,” said analyst Corey Friedman.
The city benefits from firm tax base growth, leading to a solid market value and maintenance of very strong financial reserves, and additional liquidity outside the general fund. Limiting factors that include the city’s low- to adequate-income levels and high debt burden, with future debt plans upcoming in the near term.
