Standard & Poor's Ratings Services said it raised its long-term rating to AA-plus from AA on Robbinsdale, Minn.'s outstanding general obligation debt.
At the same time S&P assigned its AA-plus long-term rating to the city's series 2013A GO street reconstruction and utility revenue bonds. The outlook is stable.
The rating reflects the following factors for the city: an adequate economy, which benefits from participation in the broad and diverse economy of the Minneapolis-St. Paul metropolitan statistical area (MSA); very strong budgetary flexibility with 2012 audited reserves at 61% of general fund expenditures; strong budgetary performance, which takes into account an anticipated total governmental funds deficit in 2013; very strong liquidity providing very strong cash levels to cover both debt service and expenditures; strong management with adequate financial policies but a consistent ability to maintain balanced budgets; and an adequate debt and contingent liabilities position, and rapid amortization of outstanding debt.
"The stable outlook reflects our view of the city's consistent financial performance and recovering taxable values, which is supported by standard management policies," said credit analyst Santo Barretta.