Standard & Poor's has upgraded the District of Columbia's general obligation bonds to AA- from A+, the rating agency announced Thursday evening.

At the same time, Standard & Poor's raised its rating to A+ from A on the district's existing certificates of participation. The outlook is stable.

"The upgrades reflect our view of the district's improved financial position that has been strengthened by recent strong revenue performance as well as the rebuilding of reserves in accordance with the district's recently adopted new reserve policies," said the rating agency. "In addition, district revenue forecasts further indicate growth through fiscal 2017, although we expect ongoing federal consolidation to drag down growth."

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