Moody's Investors Service said it has upgraded Alexandria Lake Area Sanitary District, Minn.'s general obligation rating to Aa2 from Aa3.
Processing Content
Concurrently, Moody's assigns a Aa2 rating to the district's $14.5 million general obligation facilities and refunding bonds, Series 2015A.
Post-sale, the district will have $18.9 million of Moody's-rated GO debt.
The upgrade to Aa2 reflects the district's moderately sized tax base in central Minnesota (Aa1 stable); small system size relative to similarly rated entities; diverse tax base that contains moderate customer concentration; healthy financial operations marked by growing reserves; unlimited revenue raising authority; manageable debt burden; and modest exposure to unfunded pension liabilities.
