Moody's Investors Service said it has assigned a Aa3 underlying rating to Danville Area School District, Pa.'s $6.4 million general obligation bonds, Series 2014, and upgraded to Aa3 from A1 the underlying rating on $25.3 million of outstanding debt.
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The current issue is secured by the district's limited general obligation debt, as the debt is subject to Special Session Act 1 property tax limitations. Proceeds will fund various energy efficiency projects.
The upgrade to Aa3 reflects the district's strong and improved financial position, evidenced by five consecutive years of surpluses. The rating also incorporates a small, stable tax base with average wealth levels and manageable debt burden.
