SAN FRANCISCO - Standard & Poor's last week reinstated its AA-minus general obligation bond rating for West Linn, Ore., after new city management released audited financial statements that had been delayed after a former finance director was caught embezzling money from the Portland suburb.

"The city has made changes both in operational and policy terms that we believe represent a substantial turnaround," said Standard & Poor's analyst Chris Morgan in a report. "The most prominent development has been a near full turnover of its leadership since January 2005, including its mayor, City Council, city manager, and finance director."

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