Morrisville Borough SD, Pa., 2014 GOS Upgraded to A-Plus by S&P

Standard & Poor's Ratings Services said it raised its long-term rating on Morrisville Borough School District, Pa.'s series 2014 general obligation bonds one notch to A-plus from A.

The outlook is stable.

The upgrade reflects the information Standard & Poor's recently received that shows the series 2014 bonds qualify for the Pennsylvania predefault intercept program rating.

The rating service also assigned its A school issuer credit rating and negative outlook to the series 2014 GO bonds.

In addition, Standard & Poor's affirmed its A program rating, with a stable outlook, and A ICR, with a negative outlook, on the district's other GO bonds.

"We recognize the district structured the series 2014 bonds so that a failure to make a required sinking fund deposit before the debt service payment date triggers the intercept of the district's receivable state education aid," said Standard & Poor's credit analyst Timothy Barrett.

The enhanced program rating reflects the rating service's assessment of the district's eligibility for, and participation in, an amended version of the Pennsylvania State Aid Intercept program. The strength and availability of state aid to intercept program participants support program credit characteristics.

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