Moody’s Investors Service has upgraded the rating for the Village of Corrales gross receipts tax revenue bonds.

The agency upgraded the bonds to Aa3 from A2, which affects $2.3 million in GRT bonds.

The upgrade is a positive and “reflects strong pledged revenue performance in recent years, providing consistently strong coverage of debt service,” the agency said in its rating action.

It also “reflects the strength of the village’s local economy with an affluent resident base and favorable location within the Albuquerque metro area,” the agency said.

Typically, when a bond is upgraded, investors are willing to pay a higher price and accept lower yield.