Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating (SPUR) to A from A-minus on Montclair Financing Authority, Calif.'s existing lease revenue bonds issued for Montclair, Calif.
At the same time, Standard & Poor's assigned its A long-term rating to Montclair's series 2014 lease revenue refunding bonds.
The outlook is stable.
"The raised rating reflects our view of the city's improving financial performance," said Standard & Poor's credit analyst Jaime Trejo.
Located in San Bernardino County, Montclair has an estimated population of 36,664. Residents benefit, in our opinion, from the area's participation in the broad and diverse Riverside-San Bernardino area economy and from employment opportunities throughout greater Los Angeles County.
