Standard & Poor's Ratings Services said it raised its long-term rating to AA from A on Northwest Local School District (Stark, Summit, and Wayne counties), Ohio's series 2010 income tax anticipation notes.
The outlook is stable.
"The rating action reflects our view of the district's now established local income tax collection history and significantly stronger debt service coverage that we had calculated at the time of issuance using pro forma projections," said Standard & Poor's credit analyst Chris Morgan.
The rating further reflects the district's: strong income levels, increasing pledged revenue trend, and very strong 9.2x maximum annual debt service (MADS) coverage by pledged revenue.
The stable outlook reflects the district's very strong MADS coverage by general income tax revenue.
