Standard & Poor's Ratings Services said it has raised its underlying rating on Wappingers Falls, N.Y.'s series 2009 public improvement (serial) general obligation bonds by one notch to A-plus from A.

This action is based on Standard & Poor's recently released local GO criteria and the village's improved financial strength. At the same time, Standard & Poor's has assigned its A-plus long-term rating to Wappingers Falls' series 2013 public improvement (serial) GO bonds. The outlook is stable.

The ratings reflect Standard & Poor's assessment of these factors, specifically the village's: adequate economy, adequate budget flexibility, strong budgetary performance, very strong liquidity, adequate management, strong debt and contingent liability position, and strong institutional framework.

"The stable outlook reflects our view of the plethora of job opportunities available to village residents. While this has helped keep unemployment relatively low, income growth lags the national trend in recent years," said Standard & Poor's credit analyst Steve C. Tencer. "Barring any large changes in financial operations, either positive or negative, we do not expect to change the rating within the two-year outlook horizon."

The village is located in Dutchess County, N.Y., approximately 65 miles north of New York City. The village intends to use the bond proceeds to refund previously issued bond anticipation notes and fund road and equipment projects.

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