Moody's Investors Service said it has upgraded to Baa1 from Baa2 the rating on the city of Gloversville, N.Y.'s $5 million of outstanding long-term general obligation debt secured by the city's limited property tax pledge.

The upgrade to Baa1 from Baa2 reflects the city's significantly improved financial operations, resulting in increased reserve levels. The city had six operating surpluses in the past seven years and projects a healthy surplus for fiscal 2012.

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