Moody's Investors Service said it has upgraded the city of Livingston, Texas' general obligation bond rating to A3 from Baa1.
The upgrade affects $1.7 million in Moody's rated GO debt.
The city has $8.6 million in outstanding GO debt not rated by Moody's.
The bonds are general obligations of the city secured by an ad valorem tax levied within the limits prescribed by law, against all taxable property within the city, together with other funds available for such purpose to pay principal and interest on the obligations when due.
The upgrade to A3 from Baa1 primarily reflects the city's stabilized financial performance, general fund reserve growth, and sufficient coverage of debt obligations provided by pledged and available non-ad valorem sources. The rating also incorporates the city's modest and growing tax base coupled with a below average socio-economic profile.
