Standard & Poor's Ratings Services said it raised its long-term rating to AA-minus from A-plus on Novato Sanitary District, Calif.'s wastewater revenue certificates of participation.
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The outlook is stable.
"The raised rating reflects our view of the district's strengthening financial profile during the past three fiscal years, including enhanced unrestricted reserves, and a developing track record of managing a more substantial debt load," said Standard & Poor's credit analyst Tim Tung.
