Standard & Poor’s last week raised its ratings on 88 smaller or remote municipalities in Indiana, Illinois, Michigan, Missouri, Ohio, and Wisconsin following a review of their financial performance under revised criteria.

“Although size and location have weighed heavily on our ratings in the past, in our view, these credits can, and often do, exhibit many of the same economic and financial strengths as their larger counterparts,” analysts Jane Hudson Ridley and James Wiemken wrote in their report. “The key to a higher rating, in our opinion, is achieving a balance between location and economic opportunity that helps maintain financial stability.”

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