Standard & Poor’s raised its issuer credit rating on Rockford Independent School District No. 883 by one notch to AA-minus in recognition of its growing reserve levels and increased state aid levels that have followed the stabilization of its enrollment.
The review came ahead of the district’s $6.8 million sale of general obligation refunding bonds. The district benefits from its participation in the Twin Cities-area economy, very strong income and extremely strong wealth levels, and a moderate debt burden as a percent of market value.
“The stable outlook reflects our expectation that the district has taken the necessary steps to maintain balanced operations and at least strong reserve levels,” said analyst Steffanie Dyer.