Standard & Poor's Ratings Services said it has raised its long-term rating to A-plus from A on Pelican Rapids, Minn.'s existing general obligation bonds.
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"The upgrade is based on the city's maintenance of very strong budgetary flexibility and reserves exceeding 75% of operating expenditures," said Standard & Poor's credit analyst Elizabeth Bachelder.
At the same time, Standard & Poor's assigned its A-plus long-term rating to the city's series 2015A GO capital improvement plan bonds and series 2015B GO improvement crossover refunding bonds. The outlook is stable.
