Standard & Poor's Corp. upgraded $4.31 million of Peabody general obligation debt last week to AA from AA-minus, a spokesman for the rating agency said.

The agency also assigned an AA rating to the city's planned $4.2 million general obligation Series 1992 bonds and affirmed the AAA rating on the city's $21.1 million outstanding GO debt insured by Municipal Bond Investors Assurance Corp. and AMBAC Indemnity Corp.

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