Moody's Investors Service said it has upgraded to Aa1 from Aa2 the rating on the town of Fuquay-Varina, N.C.'s $14.6 million of general obligation debt outstanding.
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The upgrade to Aa1 reflects the town's consistently strong fiscal management resulting in ten consecutive years of operating surpluses and growth in reserves.
The Aa1 rating also incorporates the town's moderately sized and growing tax base that benefits from its proximity to employment opportunities in Raleigh (Aaa stable) and the Research Triangle Park, slightly above average resident wealth levels, and modest debt and pension burdens.
