SAN FRANCISCO - Standard & Poor's yesterday upgraded Montana's general obligation credit to AA from AA-minus. The outlook is stable.

"The raised rating reflects the state's improved financial performance and reserve levels that, even when including a projected spend-down thereof, act as a necessary buffer against the state general fund's historic revenue volatility and one-time expenditure needs through fiscal 2009," Standard & Poor's analyst Paul Dyson said in a news release.

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