Doylestown Borough's Bond Rating Upgraded

Doylestown Borough's bond rating has been upgraded by Kroll Bond Rating Agency (KBRA), officials announced. The borough’s bond rating has increased to AA from AA- in the agency's latest surveillance report, which can be viewed here.

According to an announcement from Doylestown Borough:

The rating is based on KBRA’s U.S. Local General Obligation Rating Methodology, published on May 31, 2012. KBRA’s rating evaluation of the long-term credit quality of local government general obligation bonds focuses on four key rating determinants:

■ Governance, Management Structure and Policies,

■ Municipal Resource Base,

■ Debt and Additional Continuing Obligations, and

■ Financial Performance and Liquidity Position.

A trend of stability, enhancements to the governance and management framework, a continued low debt burden, overfunding of its pension plan, and an ability to maintain significant available reserves are behind the upgrade, officials said.

Here is the full surveillance report.