Standard & Poor's Ratings Services said it raised its rating on Detroit Lakes, Minn.'s outstanding general obligation bonds to AA from AA-minus.
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At the same time, it assigned its AA long-term rating to Detroit Lakes' series 2015A unlimited-tax GO improvement and utility revenue bonds, series 2015B GO improvement refunding bonds, and series 2015C GO improvement refunding bonds. The outlook is stable.
"The higher rating reflects our view of a growing tax base and improving economy and consistently very strong and stable finances supported by strong management," said Standard & Poor's credit analyst Blake Yocom.
