Standard & Poor's Ratings Services said it raised its underlying rating to AA-minus from A-plus on Orleans Parish School Board, La.'s series 2011 taxable qualified school construction bonds revenue bonds.
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The outlook is stable.
"The rating action reflects our view of the school board's growth in pledged revenue and projected improvement in maximum annual debt service coverage stemming from commercial and residential expansion throughout the parish and from retirement of a portion of parity debt," said Standard & Poor's credit analyst Brian Marshall.
The stable outlook reflects our anticipation that the school board will continue to practice good financial management and long-term planning while managing its capital requirements.
