Standard & Poor's Ratings Services said it raised its issuer credit rating on Springfield, Mass., one notch to A from A-minus.
At the same time, Standard & Poor's affirmed its AA long-term rating on Springfield's commonwealth-qualified general obligation qualified school construction bonds and its AA underlying rating on the city's commonwealth-qualified debt.
The outlooks on all ratings are stable.
"We base the upgrade on our view of the city's progress toward rebuilding its reserves," said Standard & Poor's credit analyst Hilary Sutton. "The progress is due to the city's proactive financial management team that took control of the city's finances after a period of commonwealth oversight."
The AA rating reflects the bonds' eligibility under the commonwealth's Chapter 44A Qualified Bond Act. The commonwealth's emergency finance board has authorized the city to issue bonds or notes, including this issuance, as commonwealth qualified bonds.