Denver Public Schools Fiscal Outlook Receives AA+ rating
District’s financial future remains strong, stable for the coming years
DENVER– Denver Public Schools 2019 fiscal ratings were “very strong” and “stable,” according to Standard and Poor’s (S&P) and Moody’s Investors Services latest ratings. These acknowledgments affirm the district’s AA+ long-term rating and AA+ underlying rating on the existing general obligation bonds. S&P also assigned a new rating of AA to the school district’s estimated $49 million certificates of participation, a form of financing. Moody’s Investors Services affirmed its rating of AA1 for the district’s general obligation debt and assigned a rating of Aa2 to the district’s certificates of participation. Ratings from both agencies reflect a stable fiscal outlook.
“The stable outlook reflects our expectation that the district’s available fund balance will remain strong over the next two years, supported by what we consider good financial management policies and practices,” S&P said in their rating report. Read Moody’s report here.
S&P and Moody’s provide ratings reflecting issuers’ capacity and willingness to meet their financial obligations in full and on time. They provide other types of analyses and assessments that give views of creditworthiness, which can be useful data points when planning acquisitions or other initiatives.
“We have a strategic vision for our schools and students that is carried out with strong financial management,” said Jim Carpenter, Chief Financial Officer for Denver Public Schools. “Ratings like these allow us to borrow at lower rates and continue to use our resources responsibly.”