Moody's Investors Service said it upgraded the Erie County, Pa.'s long-term rating to Aa2 with a stable outlook from Aa3.

The upgrade to Aa2 with a stable outlook affects $128 million in debt outstanding including $83.6 million in county issued debt and $44 million in guaranteed debt issued through the Erie County Convention Center.

The debt is secured with the county's unlimited tax general obligation pledge.

The upgrade to Aa2 reflects that county's large tax base with below-average wealth levels, manageable debt burden and healthy general fund reserves. The Aa2 rating also reflects that county's improved financial position resulting from two years of healthy operating surplus and a projected surplus in fiscal 2012.

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