Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA-minus from A-plus on Santa Cruz County Public Finance Authority, Calif.'s certificates of participation and lease revenue debt outstanding, issued for Santa Cruz County.
The outlook is stable.
"The raised ratings reflect our view of the county's improved economy, including unemployment rates below 10%, and a recently adopted improved reserve policy," said Standard & Poor's credit analyst Jen Hansen.
The ratings reflect the assessment of the following factors for the county: strong economy, strong budgetary flexibility, adequate budgetary performance, very strong liquidity, strong management with good financial policies, and strong debt and contingent liabilities position.
