Standard & Poor's Ratings Services said it raised its long-term rating to AA-minus from A-plus on Miami County Unified School District No. 368 (Paola), Kan.'s existing general obligation debt.
At the same time, Standard & Poor's assigned its AA-minus long-term rating to the district's series 2014 GO refunding and improvement bonds. The outlook is stable.
"The raised rating reflects our view of the district's substantial growth in available reserve levels and enhanced financial planning practices," said Standard & Poor's credit analyst Jennifer Garza. "The rating further reflects our view of the district's very strong income levels as well as its access to the diverse Kansas City metropolitan statistical area," Garza added.
Bond proceeds will be used to refund a portion of the district's outstanding debt. The new money portion of the series 2014 bond sale will be used for various facility improvements including safety and security enhancements to existing facilities. The refunding component of the series 2014 bonds will generate present value savings and smooth out a large debt service payments in 2017.
The district, with a population of about 11,000, is located in eastern Kansas, approximately 35 miles south of the Kansas City MSA.
