Moody’s Investors Service has upgraded Carver County’s bond rating from Aa3 to Aa2.

This change is due to the county’s growing tax base advantageously located in the Twin Cities metro area, healthy financial operations supported by ample reserves, and above-average, but manageable overall debt profile, according to a Carver County press release.

“This is very good news in slowing economic times,” stated David Frischmon, director of Financial Services, in a press release. “The bond rating upgrade will result in lower interest rates on the $18 million bond sale the county is currently pursuing.”

The rating of Aa2 is the third highest rate that Moody’s gives out. Only five Minnesota counties have the higher rating of Aa1 or the highest rating of Aaa, the release stated.

Moody’s upgraded the county’s bond rating from B1 to Aa3 the last time the county issued debt in 2005.