The city of St. Joseph’s bond rating has been raised from A to A+, which could result in better loan costs and more access to loans, according to a city news release.

The city was recently notified that Standard & Poor’s raised its issuer credit rating. The national rating agency attributed the higher rating to the city maintaining good financial operations and an expanding economic base, the news release said.

Standard & Poor’s completed a customary review of the city’s overall financial operations. According to city Finance Director Carolyn Harrison, the city is pleased with the bond rating upgrade and the recognition.

As part of their review, Standard & Poor’s noted that the ‘A+’ issuer credit rating reflects the city’s traditionally cyclical manufacturing-based economy is gradually diversifying, that current city government financial reserves are adequate and there is a moderate overall debt burden. The tax base concentration is very low, with the 10 leading taxpayers comprising only 10 percent of the city’s total assessed valuation.