NEW YORK - Moody's Investors Service said it has upgraded to Baa3 from Ba1 the rating on St. Johnsbury School District, Vt.'s outstanding $2 million of outstanding long term general obligation debt.
The Baa3 rating reflects the district's substantially improved financial position over the past three years, limited tax base with below-average wealth levels and low debt burden.
The rating also reflects improved financial management with regular oversight of the district's budget, reliance on annual cashflow borrowing, as well as the ability to pay off the deficit financing note from 2009 ahead of schedule.
