Moody's Investors Service said it has upgraded to Aa3 from A1 the rating on $4.6 million of Rock County, Minn.'s general obligation bonds.
Concurrently, Moody's has removed the rating from review which resolves the earlier action. Moody's placed the rating under review with direction uncertain on December 27, 2013, which was prompted by a lack of audited fiscal 2012 financial information which has since been received.
GO bonds are secured by the county's unlimited tax pledge. In addition to the bonds rated by Moody's, the county has an additional $3.3 million of outstanding GO bonds that are considered in its analysis.
The Aa3 rating reflects the county's moderately sized tax base that is heavily agricultural; well-managed financial operations that are supported by ample reserves and a minimal debt burden with rapid principal amortization.
