Moody’s Investors Service raised the general obligation bond rating of the San Mateo-Foster City School District to Aa1 from Aa2, affecting $138 million in outstanding debt.

“The upgrade is driven the district’s very healthy financial position, underscored by a continued trend of healthy and increasing general fund reserve levels, including extremely high levels of cash, a sizable and growing tax base, above-average wealth indices and low debt levels,” Moody’s said in a report released Tuesday.

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