Farmington Hills, Mich., Raised to AAA by S&P

Standard & Poor's Ratings Services said it has raised its rating on Farmington Hills, Mich.'s limited- and unlimited-tax general obligation bonds to AAA from AA-plus.

The outlook remains stable.

"The upgrade reflects the city's ongoing strong financial performance," said Standard & Poor's credit analyst Jane Ridley.

Other rating factors include the city's: participation in the deep and diverse Oakland County economy; strong financial management assessment; and low debt burden with no additional debt plans.

The stable outlook reflects Standard & Poor's expectation of Farmington Hills' continued economic stability, owing in part to strong outreach by its economic development. Should the city's financial position deteriorate significantly, it could lower the rating, although it does not expect to do so over the two-year horizon of the outlook.

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