S&P rates Danbury G.O.s AA+, BANs SP-1

Standard & Poor's said it upgraded its rating on Danbury, Conn.'s outstanding general obligation debt to AA+ from AA, assigning that rating to Danbury's $20 million series 2008 G.O. bonds and an SP-1 short-term rating to the city's $74.345 million bond anticipation notes. The outlook is stable.

The BANs are dated Aug. 1, 2008 and are due July 30, 2009. The G.O. bonds are dated Aug. 1, 2008 and are due Aug. 1, 2028. Proceeds will be used to finance capital improvement projects.

The upgrade is based on the city's tax base growth and continued strong financial position, S&P said.

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