Standard & Poor's Ratings Services said it has raised its rating on Freehold Regional High School District (FRHSD), N.J.'s general obligation debt outstanding to AA-plus from AA based on the district's improved financial position.
The outlook is stable.
"The district has added about $16.9 million to the total general fund balance since fiscal 2010 and ended 2013 with a total general fund balance, on a Generally Accepted Accounting Principle basis, of $28.3 million or 15.6% of expenditures, which we consider very strong," said Standard & Poor's credit analyst Steve Tencer.
The stable outlook reflects Standard & Poor's view of the district's stable local economy and strong property tax base. The district's strong reserves and low debt burden provide additional stability.
