Standard & Poor's Ratings Services said it raised its rating on South Fayette Township School District, Pa.'s general obligation debt one notch to AA-minus from A-plus.
The outlook is stable.
The upgrade reflects Standard & Poor's assessment of the district's strong economy, with strong wealth and income, and consistently strong financial performance, characterized by operational surpluses in each of the past five fiscal years that have increased general fund reserves to, what Standard & Poor's considers, very strong levels.
"We believe consistently strong finances provide rating stability," said Standard & Poor's credit analyst Timothy Barrett. "As such, we do not expect to change the rating within the outlook's two-year period. However unlikely, if finances were to deteriorate, resulting in weak reserves, we could consider lowering the rating."
