Moody's Investors Service said it has upgraded to A1 the rating on the city of Batavia, N.Y.'s $7.5 million general obligation debt.
The bonds are secured by a general obligation pledge as limited by the Property Tax Cap -- Legislation (Chapter 97(Part A) of the Laws of the State of New York, 2011).
The upgrade to A1 reflects the city's improved financial position marked by five consecutive years of operating surpluses.
The rating also factors the city's moderately sized tax base, below average wealth levels and average direct debt level.
