OREANDA-NEWS. S&P Global Ratings raised its underlying rating (SPUR) on Woodstock Urban Redevelopment Agency, Ga.'s general obligation (GO) bonds, issued for the City of Woodstock, to 'AA' from 'AA-'. The outlook is stable.

"The upgrade reflects the city's very strong economic metrics as well as strong budgetary performance over the last three years, which has increased budgetary flexibility to very strong levels," said S&P Global Ratings credit analyst Timothy Barrett.

The city of Woodstock, via an intergovernmental agreement of sale, by which the city agrees to make installment payments to the agency in amounts equal to the principal and interest on the bonds, secures the GO bonds. Under the agreement, the city has agreed to levy an annual ad valorem tax on all taxable property located within the corporate limits of the city, at such rates within the 10-mill limit prescribed by the city's charter, although we understand the city intends to pay debt service from water and sewer revenues. Currently, the city's tax rate is 7.25 mills, which is well under the 10-mill limit.