Press Release

Standard & Poor's Raises DPS Credit Rating

Standard & Poor's has raised its issuer credit rating for Denver Public Schools to A+ from A.

The improved credit rating will allow Denver Public Schools to borrow money at a lower interest rate and reduce the cost of borrowing.

Standard & Poor's noted the district's large and diverse economic base and its "moderate" overall debt levels as reasons for the improved rating. The firm also said the district's "credit strengths" include rising enrollment after recent land annexations and strong support from voters in the form of mill levy overrides and general obligation bonds needed to address operating and capital needs.

The firm also noted the importance of the statewide Amendment 23 money, which will increase state funding for education by inflation plus 1 percent for each of the next 10 years.

The district expects to issue the remaining $52.1 million in general obligation bonds later this year. That issue will represent the final portion of the $305 million bond approved by voters in 1998.

The credit rating improvement for the district could save taxpayers at least $250,000 in lower interest rates when those bonds are issued, estimates Velma Rose, Chief Financial Officer for DPS.

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