Moody's Investors Service has upgraded the general obligation bond rating for Johnson County, Kansas, to Aal from Aa, affecting $164.63 million of debt.

The rating agency said Johnson County is the fastest growing and most affluent part of the Kansas City metropolitan area. The suburban area has a strong employment base and the highest per capita income in the seven-state plains region, Moody's said in a recent release.

The agency also said revenues generated by wastewater charges and used to pay most of the county's outstanding general obligation debt have exceeded projected levels.

In addition, county financial operations show a trend of operating surpluses resulting from conservative budgets. "Ample operating margins continue to provide significant budgeting flexibility," Moody's said.

The rating was upgraded in conjunction with a Dec. 16 sale of $9.02 million of library bonds.

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