Standard & Poor's Ratings Services said it raised its long-term and underlying ratings to A-plus from A on Western Boone County Community School Corp., Ind.'s general obligation bonds.
At the same time, Standard & Poor's affirmed the AA-plus enhanced program rating on the outstanding series 2008 and 2009 bonds.
The program rating reflects S&P's assessment of the school corporation's eligibility for, and participation in, the Indiana State Aid Intercept program. The strength and availability of state aid to intercept program participant payments support the program credit characteristics.
"The upgrade reflects the school corporation's maintenance of strong cash reserves," said Standard & Poor's credit analyst Kathryn Clayton.
Western Boone County Community School Corp. (with an estimated population of 11,767) serves a mostly residential and rural local economy with close proximity to the Indianapolis and Lebanon area economies.