Inver Grove Heights, MN GO Rating Raised To #AA+# On Very Strong Finances And Improved Debt

Stocks and Financial Services Press Releases Friday December 8, 2017 09:10
CENTENNIAL--8 Dec--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Dec. 7, 2017--S&P Global Ratings raised its long-term rating on Inver Grove Heights, Minn.'s existing general obligation (GO) bonds to 'AA+' from 'AA'. At the same time, we assigned our 'AA+' long-term rating to the city's series 2017B GO improvement bonds. The outlook is stable.

"The raised rating reflects our view of sustained improvements in the city's economic metrics to levels that align well with those of similarly rated peers, along with the ongoing maintenance of a solid financial position, characterized by consistently strong budgetary performance and very strong reserves and liquidity," said S&P Global Ratings credit analyst Angel Bacio.

"The stable outlook reflects our view that the city will maintain its very strong financial position, so we do not expect to revise the ratings within the two-year outlook period," he added. We expect that the city will be able to address any potential budgetary pressures to maintain fiscal balance and will very strong reserves in compliance with its formalized fund balance policy.

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