OREANDA-NEWS. S&P Global Ratings raised its underlying rating (SPUR) to 'A+' from 'A-' on Pomona, Calif.'s existing taxable pension obligation bonds (POBs), certificates of participation (COPs), and lease revenue bonds. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to the city's series 2016BC lease revenue refunding bonds, issued by the Pomona Public Financing Authority. The outlook is stable.

"The raised rating reflects our view of the city's improved economy, budgetary performance, and budgetary flexibility," said S&P Global Ratings credit analyst Jean Lee.

The lease revenue bonds are payable from base rental payments made by the city, as lessee, to Pomona Public Financing Authority, as lessor, for the use of certain assets, including the Pomona public library and two fire stations.

Pomona has an estimated population of 155,604 and is located in Los Angeles County in the Los Angeles-Long Beach-Anaheim, CA MSA, which we consider to be broad and diverse.