Standard & Poor's Ratings Services said it raised its rating to AA from AA-minus on Alexandria, Minn.'s existing general obligation bonds, based on continued strong financial performance, which has boosted reserves, and strong management conditions.
It also assigned a AA long-term rating to the city's series 2014A GO improvement bonds and series 2014B GO refunding bonds.
The outlook on all ratings is stable.
The new bonds are general obligations of the city for which the city pledges its full faith and credit and power to levy direct general ad valorem taxes.
In addition, the city will pledge special assessments against benefited properties. Series 2014A bond proceeds will be used to pay for various improvements in the city, while the series 2014B bonds will be used to current refund the series 2009B and 2009C taxable GO bonds.
"The stable rating outlook reflects our expectation that budgetary performance will continue to be strong, thereby sustaining very strong flexibility and liquidity," said Standard & Poor's credit analyst John Sauter.
