Standard & Poor's Ratings Services said it raised its rating on Morrisville, N.C.'s general obligation debt one notch to AAA from AA-plus.
The outlook is stable.
"The upgrade reflects our assessment of the town's diverse and expanding economy, and management's formalized financial policy framework that has led to strong financial performance," said Standard & Poor's credit analyst Timothy Daley.
In addition, Standard & Poor's assigned its AAA rating and stable outlook to the town's series 2013 GO parks and recreational facilities bonds.
The rating reflects what the town's: good access to the Research Triangle Park and existence within the strong, expanding regional economy of the Raleigh-Durham-Chapel Hill metropolitan statistical area (MSA); high wealth and income; strong finances; and low debt.
The town's full faith and credit pledge secures the bonds. Officials intend to use bond proceeds to provide funds for parks and recreational facilities in the town.
The stable outlook reflects Standard & Poor's opinion of the local Morrisville economy's ongoing growth and development, driven by its participation in, and access to, the Raleigh-Durham-Chapel Hill MSA's wider regional economy. Morrisville's strong finances and low debt provide additional rating stability.
This growth will likely continue over the next few years and management will continue to address Morrisville's rising capital and operational needs while maintaining sound operations and strong reserves. Consequently, the agency does not expect to change the rating within the two-year parameter of the outlook period.
Morrisville, located in Wake County, has access to Research Triangle Park, which provides a diverse profile of employment opportunities for residents.