Standard & Poor’s upgraded the city of Carver’s general obligation rating one notch to AA-minus, citing its strong reserve levels and good financial management.
The city’s credit also benefits from its participation in the Twin Cities metropolitan area, strong income levels, and extremely strong market value per capita.
“We expect that the city will continue to have positive financial operations and protect its general fund reserves despite its growth pressures,” analyst Jennifer Boyd said, adding that ongoing growth is a tempering factor on the rating.
The upgrade came ahead of the city’s competitive sale today of $3 million of GOs to refund outstanding debt for present-value savings and to purchase fire equipment.
