Lower Dauphin SD, Pa., Upgraded to Aa3 by Moody's

Moody's Investors Service said it has upgraded to Aa3 from A1 the Lower Dauphin School District, Pa.'s $45.2 million outstanding general obligation bonds.

Concurrently, the A1 enhanced rating and stable enhanced outlook is affirmed. These bonds are secured by a general obligation unlimited tax pledge, as they are exempt from Special Session Act 1 property tax limitations.

The underlying rating upgrade to Aa3 reflects the district's moderately sized and growing tax base and favorable financial position with notable increases in reserves. The rating also considers the district's manageable debt burden and rapid amortization of principal.

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