Standard & Poor's Ratings Services said it raised its long-term rating on Edwardsville, Kan.'s general obligation bonds to AA-minus from A-plus.
At the same time, Standard & Poor's assigned its AA-minus rating to the city's series 2015 GO bonds. The outlook on all ratings is stable.
"The upgrade reflects our opinion that the city's budgetary performance, which we had previously viewed as a weakness, will now demonstrate at least balanced operations," said Standard & Poor's credit analyst Ann Richardson.
This is based on the city's drawing down of its available cash for planned projects, such that Edwardsville's reserves are now aligned with the city's formal fund balance policy. "The upgrade also reflects the recent adoption of several financial management policies, which has improved our view of management," Richardson added.
