S&P lifts Lubbock, Texas, debt to AA+

Standard & Poor's said it raised to AA+ from AA its underlying rating and long-term rating on the City of Lubbock, Texas, affecting about $560 million of outstanding G.O. debt.

The outlook is stable.

At the same time, S&P said it assigned the AA+ rating and stable outlook to Lubbock's $90.335 million of series 2008 general obligation bonds and $2.1 million of series 2008 tax and waterworks system surplus revenue certificates of obligation.

The upgrade is based on continued improvement in the city's financial position.

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