SOUTH PORTLAND – Standard & Poor’s Ratings Services has raised its long-term rating on South Portland’s outstanding general obligation to AAA, making the city the only community in the state of Maine to receive that rating.

“The upgrade is based on a change in the city’s financial management assessment to ‘strong’ from ‘good,’ ” Ruth Ducret, a credit analyst with Standard & Poor’s, said in a press release. “We understand Series A bond proceeds will be used to fund additions to and renovations of South Portland High School. And, Series B bond proceeds will be used to refund the outstanding 2004 bonds for present value savings.”

Critical criteria that led to the increased bond rating included a strong local economy, “very strong” budgetary flexibility, liquidity and management conditions, along with strong budgetary performance, the press release added.