Moody's Investors Service said it has upgraded to Aa3 from A1 the rating on Van Buren Local School District, Ohio's outstanding general obligation debt.
The Aa3 rating applies to $6.3 million of outstanding rated debt.
The outstanding rated bonds are secured by the district's general obligation unlimited tax pledge. The upgrade to the Aa3 rating is based upon the district's healthy general fund cash reserves and its solid history of securing voter approved local operating revenues.
Additionally incorporated in the ratings change is the district's modestly-sized tax base in northwest Ohio (GO rated Aa1/stable outlook), its slightly above average socioeconomic characteristics, and its modest debt profile with rapid principal amortization.