Standard & Poor’s raised Oakland’s general obligation bond rating to AA-minus from A-plus.

The agency also rated $120 million of Oakland Joint Powers Financing Authority revenue bonds A-plus. The Series 2008B refunding issue refunds the authority’s Series 2004A pension bonds, which were issued as auction-rate securities. The refunding deal includes $5 million to fund termination of a swap agreement the city entered into in 2004.

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