Standard & Poor’s last week raised Andover’s general obligation credit two notches to AA-plus and its lease revenue bonds one notch to AA-minus in recognition of the city’s maintenance of a very strong financial position as well as management practices.
The review was conducted in conjunction with the city’s upcoming issue of $2.4 million of GO bonds. The upgrades affect $41 million of debt.
“We expect that the city will continue to benefit from its participation in the Twin Cities’ regional economy and that reserve levels will remain at or above the city’s stated fund balance policy,” analyst Scott Garrigan wrote.
