Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA-minus from A-plus on Fairfield, Calif.'s pension obligation bonds.
At the same time, Standard & Poor's raised its long-term rating to AA from A-plus on Fairfield Municipal Park Improvement District No. 1, Calif.'s series 2011 refunding bonds, issued on behalf of the city of Fairfield. The outlook is stable.
"The raised ratings reflect our view of the city's improved economic conditions, budgetary performance, and budgetary flexibility," said Standard & Poor's credit analyst Jaime Trejo.
Fairfield is midway between San Francisco and Sacramento, Calif., at the intersection of Interstates 80 and 680, and is the county seat for Solano County. Residents benefit from participation in the broad and diverse Vallejo-Fairfield Metropolitan Statistical Area.
