S&P Global Ratings raised its long-term rating on Story City, Iowa's general obligation (GO) debt to 'AA-' from 'A+'. The outlook is stable. The city's unlimited-tax GO pledge secures its existing GO bonds. The upgrade reflects the city's improved economic metrics, strong operational performance, and an increased cash reserve. Story City is 10 miles north of Ames, home of Iowa State University. The city exhibited steady tax base growth in recent years, which it expects will continue. Its operational performance has been characterized by a trend of positive operations, which has led to a doubling of its cash reserve during the past five years. The city's debt burden, while high, is partially offset by aggressive amortization. The city's pensions do
