CHICAGO — Moody's Investors Service upgraded Kenosha Unified School District #1 in Wisconsin to Aa3 from A1 due to the district's strengthened fiscal position.
The rating action on May 22 comes ahead of the district's planned sale of $31.6 million of general obligation corporate purpose bonds. The rating impacts a total of $116.4 million of GO debt including the upcoming issue.
The new rating reflects the district's large tax base, healthy reserve levels that have strengthened in recent years, marked improvement in management practices compared to previous years, an average debt burden and payout, and affordable pension liabilities.
Proceeds of the sale will fund the construction and improvements of outdoor athletic facilities at the district's three high schools and advance refund outstanding 2006 debt.
The district serves the city of Kenosha, village of Pleasant Prairie, and the town of Somers in southeastern Wisconsin with a student enrollment of 22,474.
