Moody's Investors Service said it has upgraded to Aa3 from A1 the village of Miami Shores, Fla.'s general obligation bond rating, affecting $6.46 million of outstanding parity debt obligations.
The bonds are secured by the village's unlimited property tax pledge.
The Aa3 rating reflects the village's sizeable and recently stabilized tax base, above average resident wealth levels, and modest debt burden.
The upgrade incorporates the village's demonstrated ability to increase reserve and liquidity levels during the economic downturn.
Despite revenue pressures related to decreasing taxable valuation, the village was responsive and able to conservatively budget, achieving significant increases to total general fund balance over the last five fiscal years.
