Standard & Poor’s upgraded Coos Bay’s general obligation bonds to A-plus from A-minus ahead of a $6.9 million bond issue that will finance a new fire station.

The city, which is located about 270 miles south of Portland, “has a history of maintaining very strong fund balances, given that unreserved general fund balances have exceeded 30% of operating expenditures in each of the past four audited fiscal years,” analyst Hilary Sutton said in a report.

The report said the credit rating was also bolstered by the city’s large and diverse tax base, low debt burden, and limited capital spending plans.

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