Standard & Poor's Ratings Services said it raised its long-term rating on the town of Saratoga, N.Y.'s general obligation bonds to AA from AA-minus.
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The outlook is stable.
"The upgrade reflects improved economic indicators," said Standard & Poor's credit analyst Timothy Little.
Saratoga's faith-and-credit GO pledge secures the bonds, including the statutory authorization to levy ad valorem taxes on all real property in the town, subject to applicable statutory limitations.
"Our rating reflects the town's very strong economy, budgetary flexibility, and liquidity," said Little.
