Standard & Poor's Ratings Services said it raised its rating on Iowa Falls, Iowa's outstanding sewer revenue loan notes and bonds to AA-minus from A-plus.
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At the same time, it assigned its AA-minus rating to the city's series 2015B sewer revenue capital loan notes. The outlook is stable.
"The upgrade reflects continued strong financial performance that we believe is more consistent with a higher rating level," said Standard & Poor's credit analyst Scott Garrigan.
"The rating reflects our view of debt service coverage that is currently strong but insufficient in fiscal 2011," he added, "and the city's maintenance of strong liquidity, although it is somewhat thin on a nominal basis."
