Standard & Poor's Ratings Services said it raised its issuer credit rating (ICR) to AA-minus from A-plus on Salinas, Calif.
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In addition, Standard & Poor's raised its rating and underlying rating (SPUR) to A-plus from A on the city's certificates of participation (COPs) outstanding. The COPs are secured by a covenant to budget and appropriate base rental payments. The outlook is stable.
"The raised ratings are based on our view of the city's improved finances, helped by the recent passage of a one-cent sales tax that is projected to bring in more than $20 million annually for 15 years," said Standard & Poor's credit analyst Jen Hansen.
