OREANDA-NEWS. More-->S&P Global Ratings raised its underlying rating (SPUR) to 'AA-' from 'A+' on Ripley Industrial Development Board, Tenn.'s series 2009 general obligation lease revenue bonds. The outlook is stable.

"The raised rating reflects our view of the city of Ripley's improved budgetary flexibility to very strong from strong as well as its improved reserve levels to over 25% of expenditures for the past two fiscal years," said S&P Global Ratings credit analyst Sarah Smaardyk. "The upgrade further reflects our view of Lauderdale County's improved budgetary flexibility with general fund surpluses in three of the past fiscal years and one surplus in total governmental funds in the past fiscal year," Ms. Smaardyk added.

The bonds are paid from the state's portion of the sales taxes collected within the Courthouse Square Revitalization Zone. In addition, lease revenue payments are made by both the city of Ripley and Lauderdale County, which are being used to make deficiency payments, and ultimately secure the bonds.