Standard & Poor's Ratings Services said it raised its rating on Grand Forks Park District, N.D.'s series 2010A and B taxable wellness center revenue bonds to AA-minus from A-plus.
At the same time, Standard & Poor's assigned its AA-minus long-term rating to the district's series 2015 taxable wellness center revenue bonds.
In addition, Standard & Poor's affirmed its AA long-term rating on the district's general obligation debt and its AA-minus long-term rating on its refunding improvement bonds. The outlook on all ratings is stable.
"We raised our rating on the 2010 bonds because we have determined that the wellness center revenue bonds fall under our nonad valorem rating criteria, given the diverse stream of revenues pledged to the bonds, including nontax revenues across both governmental and enterprise funds," said Standard & Poor's credit analyst Carol Spain.
The district is issuing the series 2015 bonds to currently refund its series 2010A taxable wellness center revenue bonds (Recovery Zone Economic Development Bonds) for interest cost savings.
