Standard & Poor's Ratings Services said it raised its rating on Fishers, Ind.'s general obligation debt one notch to AA-plus from AA.
The outlook is stable.
"The upgrade reflects our opinion of the city's maintenance of its very strong reserves and liquidity," said Standard & Poor's credit analyst Andrew Truckenmiller. Management has produced operational surpluses while managing capital needs due to the continuously growing population.
In addition, the rating service raised its ratings on Fishers Redevelopment Authority, Ind.'s; Fishers Town Hall Building Corp., Ind.'s; and Fishers Town Redevelopment District, Ind.'s lease-rental revenue debt, issued for and supported by the city, one notch to AA-plus from AA. The outlook is stable.
Finally, Standard & Poor's assigned its AA-plus rating and stable outlook to the authority's $12 million series 2015 lease-rental revenue bonds, supported by Fishers.
"We believe we will likely not change the rating over the next two years because we expect Fishers to maintain its very strong reserves and liquidity," said Truckenmiller.
Although unlikely, it could raise the rating if management were to reduce debt and carrying charges to levels it considers at least adequate. However, it could lower the rating if available reserves were to deteriorate to a level it no longer considers very strong or if the city were to produce operational deficits due to budgetary stress.