Standard & Poor's on Oct. 11 raised its rating on Bridgeport, Conn.'s general obligation bonds to A from A-minus, based on the rating company's recently released local GO criteria. The outlook is stable.
S&P also assigned its SP-1-plus short-term rating to Bridgeport's Series 2013B GO tax anticipation notes, based on a stable revenue profile and 1.5 times debt service coverage projected at maturity.
"The long-term rating reflects our assessment of the city's adequate budgetary performance and strong liquidity," said credit analyst Victor Medeiros.
"We do not expect the stable rating on the long-term rating will change within the two-year parameter of the outlook," added Medeiros, "because we expect that Bridgeport will maintain and balanced operating results."
In August, Moody's Investors Service downgraded Bridgeport to A2 from A1 Monday and revised the outlook to negative from stable.
Bridgeport, with 146,000 residents, is Connecticut's most populous city.
