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The Aa2 rating reflects a moderately sized and growing tax base, and a stable financial position with favorable reserves that benefit from additional liquidity housed outside the core operating funds. The rating also reflects a stable management team, income indicators that are favorable compared to the nation and debt obligations that have reduced substantially but remain above the median for similarly rated peers. Favorably, the city's pension profile is modest with a strong history of demonstrated commitment to making pension payments at a rate that should result in the reduction of the pension liability over time.