Moody's Investors Service said it upgraded the underlying rating of Southwest Local School District (Hamilton County, Ohio) to A1 from A2.
The upgrade affects approximately $17.1 million of general obligation debt. The bonds are secured by the district's general obligation unlimited tax pledge.
The upgrade is supported by the district's materially improved operating performance, underpinned by strengthened financial and budget management practices.
The A1 rating reflects the district's recent financial improvement, highlighted by multiple years of operating surpluses and increased fund balance, its moderately-sized tax base located outside Cincinnati (Aa2/negative outlook), average socio-economic profile, and manageable debt burden.
