Moody's Investors Service has upgraded to Aa2 from Aa3 the rating on Freeborn County, Minn.'s general obligation unlimited tax debt.
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The county has $24.1 million in outstanding GO debt, of which $20.9 million is rated by Moody's.
The upgrade to Aa2 incorporates the county's sizeable and growing tax base, healthy reserve and liquidity levels, and manageable debt burden.
Moody's said the rating could be raised if it sees strengthening of the resident income profile or substantial growth and diversification of the tax base.
Conversely, the rating could be lowered if continual imbalanced financial operations result in the deterioration of reserves or liquidity levels, or as a result of significant tax base declines.
