Standard & Poor's Ratings Services said it raised its long-term rating on Kalamazoo County, Mich.'s general obligation bonds to AA-plus from AA.
At the same time, it assigned its AA-plus long-term rating to the series 2015 limited-tax GO capital improvement bonds.
The outlook is stable.
"We raised the rating based on our assessment of the county's maintenance of reserves above 75% of operating expenditures and transfers out for the past three years, and we expect it to remain above this amount for the next few fiscal years," said Standard & Poor's credit analyst Errol Arne.
A pledge of the county's full-faith-credit-and-resources and its limited property tax pledge secure the bonds. Bond proceeds will be used to finance improvements to the Community Mental Health and Substance Abuse Services building.
