NEW YORK - Moody's Investors Service said it has upgraded Norwich Free Academy, Conn.'s (NFA or the Academy) debt rating to A1 from A2.
Processing Content
The rating action affects $17 million of outstanding Series A Bonds issued in 2004 by the Connecticut Health and Educational Facilities Authority.
The rating action reflects NFA's continued solid market position as an independent school serving as the public school for eight towns in Connecticut, which have a weighted average rating of Aa3.
The rating action incorporates the Academy's consistently strong operating performance that is expected to contribute to balance sheet growth over time and provide funding for capital investment.
