Standard & Poor's Ratings Services said it raised its school issuer credit rating on Wilson School District, Pa.'s general obligation bonds to AA from AA-minus.
At the same time, Standard & Poor's assigned its AA rating to the district's series 2013C and series 2014 GO bonds. The outlook is stable.
"The upgrade is based on the stability of the district's general fund," said Standard & Poor's credit analyst Hilary Sutton.
The rating reflects the district's: strong general fund balance coupled with a sizable capital projects fund; stable property tax base with strong wealth and income, stable economy with access to other regional employment base, moderate debt burden that is entirely fixed rate and amortizes rapidly.
The district's full-faith-and-credit pledge secures the bonds. The Pennsylvania State Aid Intercept program provides additional security. Officials plan to use bond proceeds to refund the series 2005 GO bonds and advance refund a portion of the series 2007 GO bonds for a net present value savings of roughly $1.89 million of refunded principal.