Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to A-plus from A on Ocean Shores, Wash.'s general obligation bonds.
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The outlook is stable.
"The rating action reflects our opinion of the city's strengthened reserves on a nominal basis and sustained strong financial performance that we anticipate will continue through 2015," said Standard & Poor's credit analyst Chris Morgan.
The stable outlook reflects the city's strong budgetary performance and flexibility that has benefited from voter support but is subject to a statutory levy rate cap that could directly affect property tax revenue if total assessed value declines during our two-year outlook horizon.
