NEW YORK - Moody's Investors Service said it has upgraded Rumson (Monmouth County) School District, N.J.'s general obligation bonds to Aa1, affecting $8.6 million of outstanding parity debt obligations.
The bonds are secured by the district's unlimited property tax pledge.
The Aa1 rating incorporates the district's sizeable tax base, affluent resident wealth levels, and modest debt burden. The affirmation also reflects the district's demonstrated ability to increase reserve and liquidity levels.
Despite tax levy limitations and reductions in state aid, the district was responsive and able to conservatively budget, achieving modest increases to total general fund balance over the last five fiscal years.