Standard & Poor's Ratings Services said it raised its rating on Spring Grove Area School District, Pa.'s existing general obligation debt to AA-minus from A-plus.
It also assigned a AA-minus rating to the district's series 2015A and B GO bonds. The outlook is stable.
"The upgrade reflects the district's maintenance of a very strong fund balance despite projected use of reserves, as well as an improved Financial Management Assessment (FMA)," said Standard & Poor's credit analyst Richard Marino.
"The rating reflects our opinion of the district's general creditworthiness, including its conservative budgeting practices that have contributed to maintaining a very strong available, assigned and unassigned, general fund balance, despite a planned drawdown in fiscal 2015," he added.
