Standard & Poor’s Increases District 209’s Bond Rating
February 28, 2014 03:00 PM
Proviso Township High Schools District 209 has had its underlying bond rating raised to an "A- stable outlook from its previous rating of BBB+" by Standard & Poor’s Ratings Services.
According to a summary issued by Standard & Poor’s on the rating increase, it reflected their view of the "district’s improved financial position," particularly with "very strong" reserves in the general and working cash funds."
Ehlers and Associates, the District’s financial advisors, reviewed bond issues with both ratings and they noted that the difference can save taxpayers as much as $20,000 per year in interest costs.
"Ensuring that the District is in a strong financial position is one of the keys to having the resources available to provide a quality education to our students," said Mr. Daniel J. Adams, president of the Board of Education. "We thank our administration for doing what is necessary to keep us on track financially and for continuing their hard work in preparing our students for life after high school."
Standard & Poor’s also stated that the District will likely maintain "very strong available reserves" despite its plans to use some of its funds for capital and operational needs.