Standard & Poor's upgraded Folsom general obligation bonds to AA from AA-minus ahead of a $12 million refunding issue. The agency gave a stable outlook on the Sacramento County city's debt.

"The stable outlook reflects our view of the city's strong local economy and the city's ability to weather the current economic instability through its strong general fund balance," said analyst Li H. Yang. "The outlook also reflects our view of the city's strong financial management practices, and we anticipate the city will maintain reserves at healthy levels going forward."

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