Standard & Poor's Ratings Services said it raised its issuer credit rating to A-plus from A on Franklin County R-XI School District (Union), Mo.
At the same time, Standard & Poor's affirmed its AA-plus enhanced rating on the district's existing general obligation debt. The outlook on all ratings is stable.
"The raised rating reflects our view of the sustained growth in cash for the district's available general fund balance," said Standard & Poor's credit analyst Antionette Maxwell. "The rating is further supported by the district's moderate debt levels and access to the St. Louis County area economy," Maxwell added.
The district provides K-12 education to a population of about 17,000 in eastern Franklin County, which is about 60 miles west of St. Louis. The district, headquartered in Union, served an area of 144 square miles and 3,089 students in the 2012-2013 school year.