Standard & Poor's Ratings Services said it raised its rating on King Philip Regional School District, Mass.' general obligation debt two notches to AA-plus from AA-minus.
The outlook is stable.
The upgrade reflects Standard & Poor's assessment of the very strong credit characteristics and financial profiles of Wrentham; Norfolk; and Plainville, the three member towns, following Standard & Poor's raising of the ratings on the towns' debt based on its local GO criteria.
"We believe the district will likely maintain balanced operations within the constraints on commonwealth-imposed fund balance limits," said Standard & Poor's credit analyst Victor Medeiros. "We do not expect to raise the rating within the next two years. Deterioration in the credit profile of member towns, however, could put pressure on the rating on the district's debt."
The bonds are a GO of the district, payable from sums annually apportioned to Wrentham, Norfolk, and Plainville in accordance with the district agreement.
