SUSD receives positive reports regarding finances

(file photo)

Scottsdale Unified School District received positive news from Moody’s Investor Services and Standard & Poor’s Global Ratings, with both updating their credit analysis of SUSD’s finances.

“We continue to move forward with so much momentum, not only in our classrooms, but in our financial stability and transparency,” Superintendent Dr. John Kriekard said in a prepared statement.

“This very strong credit rating provides us with another external, independent assessment that we continue to move the district in a positive direction. We are thrilled to start the 2019-2020 school year on this tremendously encouraging note.”

Moody’s Aa1 stable rating reflects a “stable outlook” for SUSD and “expectations that the district’s financial position will remain sound” along with strong financial controls, according to a press release.

The upgrade in Moody’s long-term credit outlook for SUSD represents the recognition of a healthy economy in the 115 square miles and estimated population of 240,476 encompassed within the district’s boundaries.

At the same time, Standard & Poor’s Global Ratings credit review of SUSD General Obligation 2019c series bonds resulted in a new rating of “AA/Stable,” while affirming the long-term credit outlook for the District as “AA/Stable.”

In its report, S&P’s analyst said the district’s financial performance remains “very strong.” The analyst says a constant frowth in the tax base, proactive budget management and additional flexibility support the performance.

“We view this type of strong credit rating as a necessary ingredient in the overall financial health of the District, putting us in a position to further improve aging schools, modernize curriculum and retain excellent staff,” Dr. Kriekard said.

“The affirmed, long-term financial stability of our District is something that gives us an edge in the competitive educational market in Arizona. Coupled with our extraordinarily talented teaching staff, the Scottsdale Unified School District is a premier choice for students.”

Moody’s defines its Aa1 stable rating as obligations “judged to be of high quality and are subject to very low credit risk.”

Standard & Poor’s AA/Stable rating “differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitments on the obligation is very strong.

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