Moody's Investors Services said it has upgraded the rating on Shenendehowa Central School District, N.Y.'s $78.3 million of outstanding general obligation debt to Aa2 from Aa3.

The debt is secured by a general obligation pledge of ad valorum taxes as limited by the Property Tax Cap - Legislation (Chapter 97 (Part A) of the Laws of the State of New York, 2011).

The upgrade reflects the district's sizable and expanding tax base, above average wealth levels, moderate debt burden, and strong financial position demonstrated by operating surpluses and fund balance growth.

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