NEW YORK - Moody's Investors Service said it upgrades to Aa1 from Aa2 the rating on DuPage County High School District 87, Ill.'s outstanding GOULT debt.
Concurrently, Moody's has upgraded to Aa2 from Aa3 the rating on the district's outstanding GOLT debt certificates. The Aa1 and Aa2 ratings apply to $9.2 million in outstanding GOULT debt and $5.7 million in outstanding GOLT debt certificates, respectively, for a total of $14.9 million of outstanding rated debt.
The outstanding rated bonds are secured by the district's general obligation unlimited tax pledge. Outstanding rated debt certificates secured by the district's general obligation limited tax pledge and are notched once from the district's GOULT pledge as they are secured by any lawfully available funds, but not secured by a designated levy. The Aa1 GOULT and Aa2 GOLT ratings reflect the district's healthy and growing operating reserves; sizable tax base favorably located in the Chicago (GO Aa3/negative outlook) metropolitan area; above average socioeconomic characteristics; and modest debt profile.