Standard & Poor's Ratings Services said it raised its underlying rating (SPUR) and school issuer credit rating (ICR) on Dryden Central School District, N.Y.'s general obligation (GO) bonds to AA-minus from A-plus.
The outlook is stable.
"The upgrade reflects our view of the district's continued ability to build up what we consider a very strong reserve position despite state funding pressures since the onset of the Great Recession," said Standard & Poor's credit analyst Lindsay Wilhelm.
The rating further reflects the district's general creditworthiness, including its stable local economy, with access to additional employment opportunities
in nearby Ithaca and Cortland and strong income; stable property tax base with strong wealth; and low debt with moderate carrying charges and rapid amortization.
Somewhat offsetting these credit strengths is the district's limited local employment base.
