Standard & Poor's Ratings Services said it raised its long-term rating on Greenwood Public Library, Ind.'s series 2010 general obligation refunding and improvement bonds to A from A-minus.
The outlook is stable.
"The upgrade reflects our view of the district's much improved available operating reserves between the general and rainy day funds," said Standard & Poor's credit analyst Scott Nees, "following significant structural adjustments to its operating budget in calendar year 2012, which allowed the library to realize budget surpluses from 2012 through 2014."
The higher rating also reflects the belief the library's trend of positive operations is sustainable and that further strengthening in its financial position will likely occur over the next few years.
