Standard & Poor's Ratings Services said it raised its long-term rating on the village of Lake Hallie, Wis.' general obligation (GO) promissory notes to AA from AA-minus.
It also assigned a AA long-term rating to the village's series 2014A taxable GO community development bonds and series 2014B GO bonds. The outlook is stable for all ratings.
"The upgrade is based on our revision of the village's Financial Management Assessment score to 'good' from 'standard,' our understanding that the village will likely maintain at least at 75% of expenditures in reserves over the medium term, and our belief that market value indicators will continue to grow," said Standard & Poor's credit analyst Carol Spain.
The village's unlimited ad valorem property tax pledge secures these bonds.
Officials will use series 2014A bond proceeds to finance financial assistance to various community development projects, including improvements to tax incremental district (TID) No. 2. Management expects that TID No. 2 will provide sufficient tax increment revenues to cover debt service. The series 2014B bond proceeds will finance various road improvement projects.
