Moody's Investors Service said it has upgraded Madison County, Ky., Public Library District's rating to Aa2 from A1 affecting $4.9 million in outstanding general obligation debt.
The bonds constitute general obligations of the district, secured by its unlimited ad valorem tax pledge.
The upgrade to Aa2 reflects the sound financial operations of the district
that has led to consistent growth in general fund reserve levels, while maintaining a minimal direct debt burden. The rating also incorporates a sizeable tax base that has experienced steady assessed valuation increases. Additionally, strong fiscal and strategic management has contributed to a resilient system characterized by ample reserves, and diversification in service offerings.