Standard & Poor's Ratings Services said it raised its issuer credit rating to A-plus from A on Orange Grove Independent School District, Texas' outstanding general obligation bonds.
At the same time, Standard & Poor's raised its long-term rating to A-plus from A on the district's series 2009 unlimited tax refunding GO bonds. Finally, Standard & Poor's affirmed its AAA program rating on the district's various outstanding issues. The outlook on all ratings is stable.
"The raised rating reflects our view of the district's maintenance of very strong reserves through consecutive general fund surpluses," said Standard & Poor's credit analyst Todd Helman. "The strong reserves have allowed the district to maintain a general fund balance of more than 20% of operating expenditures in the previous three fiscal years, a level we consider very strong," Helman added.
Orange Grove Independent School District, with a population estimate of 7,520, is in Jim Wells County, about 20 miles west of Corpus Christi, Texas.