Standard & Poor's Ratings Services said it raised its long-term rating and school issuer credit rating on Exeter Township School District, Pa.'s general obligation bonds to AA from AA-minus.
At the same time, it assigned its AA long-term rating and ICR to the district's series 2014 GO bonds. The outlook is stable.
"The upgrade is based on the district's strong historical financial performance coupled with improved economic indicators during a period of rising pension contributions," said Standard & Poor's credit analyst Ruth Ducret.
Officials intend to use the bond proceeds to advance refund the district's series 2009 A and C and series 2010 GO bonds as well as finance various capital improvement projects.
Exeter Township School District is in the Reading metropolitan area. It operates three elementary schools (K-4), one elementary school (fifth through sixth grades), one junior high school (seventh through eighth grades), and one senior high school (ninth through 12th grades.