Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'AA' from 'AA-' on Hazelwood, Mo.'s general obligation (GO) bonds. At the same time, we raised our long-term rating to 'AA-' from 'A+' on the city's appropriation-backed debt. We also assigned our 'AA' long-term rating to the city's series 2015 unlimited-tax GO refunding bonds and our 'AA-' long-term rating to the city's series 2015 refunding certificates of participation (COPs). The outlook is stable. The rating action is based on our view of the city's improved budgetary performance following the implementation of various structural budget adjustments, including voter approval of two new sales tax levies and various expenditure reductions. We believe that these adjustments are sustainable, which
