Standard & Poor’s upgraded the Palisades School District’s general obligation debt to AA from A-plus last week, citing the district’s “continually strong financial position.”
“The stable outlook reflects our assessment of the district’s residential tax base and access to a broad regional employment base,” Standard & Poor’s analyst Nicole Ridberg said in a press release. “We also believe the district will be able to maintain its very strong financial position and low debt levels due to its limited future capital needs.”
The district plans to market $6.1 million of bonds this week. RBC Capital Markets will lead manage the sale. The bond proceeds will be used to refund outstanding bonds sold in 2004.
The district serves 2,000 children in Bucks County, which is about 12 miles from Allentown.
Enrollment has been modestly declining over the past five years and is expected to decline for the foreseeable future, Standard & Poor’s said.