Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'A+' from 'A' on Redlands, Calif.'s series 2007 pension obligation bonds (POBs) and series 2003 lease revenue bonds based on the application of our local general obligation (GO) criteria released Sept. 12, 2013. The outlook is stable. The POBs are backed by the city's absolute and unconditional obligation to make debt service payments. The lease revenue bonds are payable from base rental payments made by the city, as lessee. The city has covenanted to budget and appropriated payments from the general fund. The rating reflects our view of the city's: Strong economy with access to the greater Riverside-San Bernardino-Ontario economy, Strong budgetary flexibility with 2013 audited
