Standard & Poor's Ratings Services said it raised its long-term and underlying ratings on Madison County School District, Miss.' existing general obligation bonds and limited tax notes to AA from AA-minus.
The outlook on all ratings is stable.
"The upgrade reflects our view of the district's growing economy and the district's ability to maintain very strong budgetary flexibility while funding capital needs," said Standard & Poor's credit analyst Ann Richardson.
An unlimited ad valorem property tax secures the GO bonds. The tax notes are secured by a limited three-mill ad valorem tax on all taxable property in Madison County School District, which is rated on par with the GO rating given the issuer's very strong finances and revenue-raising flexibility.
