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Spa City bond rating upgraded

Spa City bond rating upgraded

Moody's: Rating reflects strong fiscal position

The city’s bond rating has been upgraded by Moody’s Investors Service, from Aa3 to Aa2, Commissioner of Finance Michele Madigan announced this week.

In the revised rating issued Dec. 29, Moody's said it reflects “strong fiscal management as evidenced by recent consecutive years of surplus operations, strong reserve levels, conservative budgeting, and consistent operating surpluses," according to a prepared statement from Madigan’s office.

The city has $52.5 million in outstanding general-obligation bonds, according to the statement. 

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