NEW YORK - Moody's Investors Service said it has upgraded to Aa1 from Aa2 the town of Wake Forest, N.C.'s $15.8 million outstanding general obligation bonds.

The bonds are secured by the town's unlimited ad valorem tax pledge. Concurrently, the town's positive outlook has been removed.

The rating upgrade reflects the town's large sized stable tax base that continues to experience steady growth driven by residential and commercial development linked to the town's location within the Research Triangle Park region, the strong financial operations with ample reserves, and the manageable debt profile with average amortization of debt.

The rating also considers the town's commitment to maintaining healthy general reserves given the town's strong fund balance policy of a minimum undesignated general fund balance of 35% of annual operations.

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