Franklin Central School District, N.Y., Upgraded to A-Plus by S&P

Standard & Poor's Ratings Services said it raised its issuer credit rating and underlying rating on Franklin Central School District, N.Y.'s general obligation bonds to A-plus from A.

The outlook is stable.

"The upgrade reflects our opinion of the district's consistently sound financial performance that has resulted in maintenance of strong financial position and liquidity," said Standard & Poor's credit analyst Timothy Little.

The district's faith-and-credit GO pledge secures the bonds. The New York State Aid Intercept program continues to provide additional security.

The stable outlook reflects Standard & Poor's opinion the district will likely maintain its strong finances due to its conservative budgeting practices.

It also believes the district's stable, but limited, economy along with no additional debt plans, provide further stability. Further upgrades are limited by economic factors. While it does not expect to change its rating within the outlook's two-year horizon, a significant drawdown of reserves and deterioration in operating performance could cause it to lower the rating.

Franklin Central School District, with an estimated population of roughly 1,980, is in the southern tier of the state, where it covers approximately 67 square miles, and is 51 miles northeast of Binghamton and 12 miles south of Oneonta.

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