Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating on New Haven, Conn.'s outstanding general obligation bonds to A-minus from BBB-plus.
At the same time, Standard & Poor's assigned its A-minus rating to the city's series 2015 GO bonds. The outlook is stable.
"The upgrade is based on the city's consistently balanced budgets and strong operating performance, a trend we anticipate will continue," said Standard & Poor's credit analyst Ruth Ducret. The trend has resulted in an improvement in the nominal value of the city's available reserves.
The city's full-faith-and-credit pledge secures the bonds. Officials intend to use bond proceeds for public improvements, urban renewal, and school construction projects.
