Moody's Investors Service said it has upgraded to Aa1 from Aa2, the rating on Dallas County, Iowa's general obligation bonds, affecting $12.7 million in rated debt.
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The bonds are secured by the county's general obligation tax pledge that benefits from a dedicated levy unlimited as to rate or amount.
The upgrade primarily reflects the county's trend of increased general fund reserves and liquidity, sizeable tax base experiencing rapid economic growth, and above-average socioeconomic indicators. The rating also incorporates the county's manageable debt burden coupled with rapid principal amortization and modest future debt plans.
