Moody's Investors Service said it has assigned an A1 rating to the city of Olean, N.Y.'s $9.25 million public improvement serial bonds, 2012, and upgraded from A2 to A1 the underlying rating on the city's $25.6 million in outstanding parity debt.

The bonds are secured by a general obligation pledge as limited by the Property Tax Cap -- Legislation (Chapter 97(Part A) of the Laws of the State of New York, 2011). Proceeds will permanently finance bond anticipation notes ($9.5 million) issued in 2008 and 2010 to fund various water and sewer improvements.

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