Moody's Investors Service said it has upgraded to Ba1 from Ba2 the rating on Strafford County, N.H.'s $18.2 million of outstanding general obligation bonds.
The outlook is revised to positive from stable. The county's debt is secured by its unlimited tax pledge.
The Ba1 rating reflects the county's stabilized but still weak financial position, limited liquidity, and heavy reliance on cash flow borrowing.
The rating also reflects a stabilizing tax base and low debt burden. The positive outlook reflects the county's ability to maintain market access for cash flow borrowing, a continued trend of positive financial operations and management's commitment to increase reserves and reduce dependence on cash flow borrowing.