Cites Smart Fiscal Management
Denver – Moody’s Investors Service has upgraded Denver Public Schools (DPS) credit ratings to Aa1 for General Obligation Bonds and Aa2 for Certificates of Participation. In issuing the upgrade, Moody’s stated, “The district’s credit profile is further supported by a sophisticated management team that maintains consistent reserves, and strong local support for district initiatives, bolstering revenues.” On Moody’s ratings scale, this places DPS one notch below its highest rating of AAA, indicating that DPS bonds are high quality and pose very low credit risk to investors.
The report, issued this week, goes on to say that DPS management “is notably strategic and forward-looking, and produces consistently favorable financial results.”
“We’re pleased to see the upgrade because of the savings that it means for Denver taxpayers by reducing the interest costs on borrowing,” said Denver Public Schools Superintendent Tom Boasberg. “We have worked hard to ensure that we have a strong and stable financial position that has allowed us to reduce borrowing costs for taxpayers, provide more dollars to our schools, and increase educator pay. I very much appreciate the thoughtful and students-first work of our finance team.”
Moody’s cited DPS’ credit strengths as:
The firm provides financial research on bonds issued by commercial and government entities. Moody’s also highlighted the pension action recently taken by the State of Colorado. The DPS Division of PERA has one of the strongest financial positions of any division of PERA.