Moody's Investors Service said it has upgraded to Aa1 from Aa2 the underlying rating for Summit County School District Re-1, Colo., affecting $44.7 million in outstanding parity debt.
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The bonds are secured by the district's full faith, credit, and unlimited property tax pledge.
The GO rating upgrade is primarily based on the district's strong financial performance supported by strong reserve levels, sizable tax base and somewhat affluent population in a major ski resort area, and a favorable debt profile.
