S&P lifts Memphis G.O. debt to AA

Standard & Poor's said it raised its standard long-term rating and underlying rating to AA from A on Memphis' general obligation debt.

The upgrade is based on restoration and maintenance of sound reserve levels after reserves were virtually depleted by several years of challenging financial results, S&P said.

In addition, S&P said it assigned the AA standard long-term rating to Memphis' $98.605 million of series 2008 general improvement bonds.

The outlook is stable.

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