Standard & Poor's Ratings Services said it raised its underlying rating on Lawrence Township Metropolitan School District, Ind.'s general obligation bonds to A from A-minus.
At the same time, it assigned its AA-plus program rating and A underlying rating to the district's series 2015A, 2015B, and 2015C GO bonds. Standard & Poor's also affirmed its AA-plus long-term rating and SPUR on various series of bonds issued on behalf of the district. The outlook on all ratings is stable.
"The upgrade is based on the improvement in reserves and our expectation that the district will continue to maintain at least good reserves on a cash basis of accounting despite projected general fund drawdowns," said Standard & Poor's credit analyst Anna Uboytseva.
The AA-plus rating reflects the school district's eligibility for, and participation in, the Indiana State Aid Intercept program.
The bonds are general obligation bonds secured with ad valorem property taxes levied against all taxable property within the school district. Management will use bond proceeds to pay for various improvement projects.
The district serves an estimated population of 97,832. It is located immediately northeast of Indianapolis' corporate boundaries, mostly in the city of Lawrence.
