Standard & Poor's Ratings Services said it raised its underlying rating on Allegany County, Md.'s general obligation bonds to A-plus from A.

At the same time, the agency assigned an A-plus rating and stable outlook to the county's series 2013 general obligation refunding bonds.

"The upgrade is based on the county's consistently strong financial position and good financial management practices," said Standard & Poor's credit analyst Nicole Ridberg.

The rating also reflects the county's: stable economy in western Maryland; very strong financial operations with additional revenue raising flexibility; and low-to-moderate debt burden with limited debt plans.

The county's adequate wealth and income indicators offset these strengths.

The county's full faith and credit GO pledge secures the bonds. Proceeds will be used to refund various series of GO bonds for debt service savings.

Allegany County (estimated population: 75,000) is located in western Maryland along the Potomac River, bordered by Pennsylvania and West Virginia.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.