Standard & Poor's Ratings Services raised its rating on North Myrtle Beach, S.C.'s general obligation (GO) debt one notch to AA-plus from AA.
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The outlook is stable.
The upgrade reflects Standard & Poor's opinion of the city's maintenance of its strong financial performance, including increasing reserves to levels the rating service considers very strong, supported by strong management practices.
"We do not expect to change the rating within our two-year outlook period," said Standard & Poor's credit analyst Timothy Barrett. "Although unexpected, if management were to draw down reserves unexpectedly and significantly due to fiscal imbalances, however, we could lower the rating."
