Standard & Poor's Ratings Services said it raised its rating on Cleveland County Justice Authority, Okla.'s series 2009 sales tax revenue bonds to A-plus from A.
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It also assigned an A-plus rating to the authority's series 2015 sales tax revenue refunding bonds. The outlook is stable.
"The upgrade is based on ongoing revenue growth and the implementation of stronger legal provisions that now prohibits the issuance of additional parity debt," said Standard & Poor's credit analyst Omar Tabani.
Bond proceeds will be used to refund the county's series 2009 sales tax revenue bonds. The series 2015 bonds are secured by a 0.25% sales tax levied throughout Cleveland County that was authorized by the electorate in December 2008.
