Standard & Poor's Ratings Services said it raised its long-term rating one notch to AA from AA-minus on Petoskey Building Authority, Mich.'s general obligation bonds issued for the city of Petoskey.
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The outlook is stable.
"The upgrade reflects the city's improved budgetary flexibility, economic indicators, and per capita effective buying income," said Standard & Poor's credit analyst Errol Arne.
A pledge of the city's full faith credit and resources and an agreement to levy ad valorem property taxes within state limitations secure the bonds outstanding.
