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Wednesday, September 20, 2017

Moody's upgrades Prescott School District's bond rating

The Prescott School Distriict has announced that Moody's Investors Service has upgraded to Aa3 from A1 Prescott School District  general obligation unlimited tax (GOULT) rating.

Concurrently the Aa3 rating has been assigned to the district's $3.8 million General Obligation School Improvement Bonds. The upgrade affects $39.4 million of GOULT debt, inclusive of the current offering.

The upgrade to Aa3 reflects the district's sound reserves following a multi-year trend of operating surpluses with above average wealth and income characteristics. Also incorporated in the rating are the district's moderately-sized tax base in western Wisconsin (Aa1 stable), manageable retiree liabilities and elevated debt burden. Cash is satisfactory, but not as strong as fund balance due to the timing of receipts.

Prescott School District is located in Pierce County along the St. Croix and Mississippi rivers, which form the border between Minnesota and Wisconsin. The district encompasses 70 square miles including the City of Prescott and four nearby towns. Operating four school buildings the district provides pre-K through 12th grade education to 1,360 students. 

The bond rating upgrade comes as the Prescott School Board will be voting tonight during the board's monthly meeting to approve general obligation bonds of $3.7 million for the district's energy efficiency project for the two Malone schools. The meeting is at 7:30 p.m. in the PHS library.

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