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    City’s bond rating upgraded

    Standard & Poor’s, the Wall Street bond-rating agency, raised Medford’s rating to AA- from A+, citing the city’s diverse tax base, strong household income, and overall strong finances. “The upgrade reflects recognition of improved financial performance and more balanced fund operations,” the agency wrote in a report to city officials. The boost should help the city get favorable interest rates on a $5.8 million bond issue on Aug. 9. The funds will be used to pay for the city’s share of a $13 million project to build new science labs at Medford High School.