Standard & Poor's Ratings Services said it raised its long-term rating to AA-minus from A-plus Fort Atkinson, Wis.'s existing general obligation bonds.
At the same time, Standard & Poor's assigned its AA-minus long-term rating to the city's GO refunding bonds. The outlook is stable.
"The raised rating reflects our view of the city's reserve levels, which have improved due to strong budgetary performance," said Standard & Poor's credit analyst Andrew Truckenmiller. "We do not expect to raise the rating further within the two-year outlook period as we expect management will maintain at least good reserves by producing at least breakeven year-end results."
Fort Atkinson, with an estimated population of 12,364, is located in Jefferson County. The city is in Jefferson County, approximately 33 miles east of Madison, and 58 miles west of Milwaukee.
