Standard & Poor's Ratings Services said it raised its rating on Forbes Road School District, Pa.'s general obligation bonds one notch to A-plus from A.
The outlook is stable.
The upgrade reflects Standard & Poor's opinion of the district's consistently strong financial performance and maintenance of very strong finances through, what Standard & Poor's regard as, its conservative budgeting approach and prudent spending.
"We do not expect to change the rating again over the outlook's two-year period," said Standard & Poor's credit analyst Nicole Ridberg.
Other rating factors reflect the rating service's opinion of the district's general creditworthiness, including its: limited, but stable, local economy centered on manufacturing and agriculture; good income based on median household effective buying income; and stable and very diverse property tax base with strong market value per capita.
These strengths are somewhat offset by, what Standard & Poor's considers, the district's: historically above-average unemployment, and moderate-to-moderately high debt with below-average amortization.
The district's full-faith-and-credit GO pledge secures the bonds. The district's participation in the Pennsylvania State Aid Intercept program provides additional bond security.
