Standard & Poor's upgraded Broome County, N.Y., to A-plus from A, citing budget performance and liquidity.
The upgrade on Tuesday follows S&P's application of local general obligation criteria introduced in September.
S&P analysts Apple Lo and Lindsay Wilhelm cited six factors to explain the new higher rating.
The county has strong budgetary performance and its operating results are consistent in the general fund and total governmental funds.
Broome has very strong liquidity, Lo and Wilhelm said. It has weak budget flexibility, with available reserves about 1% to 4% of general fund expenditures.
The county has adequate management conditions, low debt burden and manageable pension and other postemployment benefit liabilities costs, they said.
Finally, the county has a weak but stable economy, according to the analysts.
As of April 15, 2013, Broome County had $130 million in total debt (excluding pensions and OPEBs), according to a Bond Anticipation Note official statement from April 30, 2013. Of this $115 million was bond debt.
Broome County is in the Central Leatherstocking region of New York. Binghamton is its county seat. It has a population of about 199,000.
