BRADENTON, Fla. — Standard & Poor's elevated Baton Rouge, La.'s sales- and use-tax revenue bonds to triple-A noting the city's role as an economic center, improving debt service coverage, and lack of additional parity debt plans.
The upgrade to AAA from AA-plus affects about $90.5 million of 2005B, 2007A, 2008A-2, 2008B, 2010A, and 2010B bonds. A first-lien pledge of revenue from a 2% citywide sales- and-use tax secures the bonds. The outlook is stable, S&P said in a Nov. 20 report.