Standard & Poor's Ratings Services said it raised its long-term rating to A-minus from BBB on Adams County School District No. 172, Ill.'s general obligation debt.
The outlook is stable.
"The rating action reflects our view of the district's improved financial position, bolstered by management's efforts to reduce expenditures and build its working cash reserves through issuance of bonds," said Standard & Poor's credit analyst Jennifer Boyd.
The rating also reflects the district's: participation in the Quincy economy, which serves as a regional economic center; good median household effective buying income; and good available cash reserves, supported by good financial management practices under our financial management assessment (FMA) methodology.
The stable outlook reflects the rating agency's view that the district will continue to take the measures it deems necessary to report stable operations, in line with management's projections, and maintain at least good cash reserves in its general and working cash funds.
