Strafford County, N.H., Upgraded to Baa3 by Moody's

Moody's Investors Service said it has upgraded to Baa3 from Ba1 the rating on Strafford County, N.H.'s $16.3 million of outstanding general obligation bonds.

The outlook is revised to stable.

The county's debt is secured by its general obligation unlimited tax pledge.

The Baa3 rating reflects the county's stable but still weak financial position, limited liquidity, and heavy reliance on cash flow borrowing. The rating also incorporates a sizeable tax base with average wealth levels, low debt burden and moderate pension liability.

The stable outlook reflects the county's demonstrated ability to maintain market access for cash flow borrowing, a continued trend of positive financial operations and management's commitment to increase reserves and reduce dependence on cash flow borrowing over the near term.

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