Lake Dallas, Texas, Upgraded to A-Minus by S&P

Standard & Poor's Ratings Services said it raised its rating on Lake Dallas, Texas' general obligation debt two notches to A-minus from BBB.

The outlook is stable.

"The upgrade is based on an increase in the city's available fund balances above negative 5% of general fund expenditures, as well as improvements in the city's economic and debt factor scores," said Standard & Poor's credit analyst Russell Bryce.

A pledge of the city's ad valorem property tax levy, within the limits prescribed by law, secures the bonds.

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