Standard & Poor's Ratings Services said it raised its underlying rating for credit program to A-plus from A on Bridgeport Exempted Village School District, Ohio's series 2012 unlimited-tax general obligation refunding bonds.
At the same time, Standard & Poor's affirmed its AA program rating on the bonds. The outlook is stable.
"The rating action reflects our view of the district's improved finances, following five consecutive years of operating surpluses, which have increased the available fund balance to a very strong level," said Standard & Poor's credit analyst Benjamin Gallovic.
The stable outlook on the program ratings reflects the strength of Ohio's state aid intercept structure.
The stable outlook on the underlying rating for credit program reflects the anticipation the district will maintain at least strong general fund available reserves during the next two years given the lack of need for a new operating levy, expected increases in state aid revenue, and management's ability to effectively control expenditures.
