Moody's Investors Service has assigned an Aaa general obligation limited tax (GOLT) rating to West Chester Area School District, PA's $32.9 million General Obligation Bonds, Series of 2021. Concurrently, Moody's has affirmed the District's Aaa issuer, General Obligation Unlimited Tax (GOULT), and existing GOLT ratings, affecting $253.8 million in rated debt outstanding. The issuer rating represents the District's ability to repay debt and debt-like obligations without consideration of any pledge, security, or structural features. The outlook is stable.
The rating incorporates the District's residential tax base, solid financial position, which is expected to continue to improve in the near term, and manageable debt burden.
"Being one of only a few school districts in the state with an Aaa bond rating demonstrates to our community that our school board spends wisely and plans for future expenses without spiking milage rates each year. This rate enables us to get low-interest bonds for school renovation projects, saving taxpayers money on future payments," said Jim Scanlon, Superintendent.
The District's superior rating is based on its history of conservative budget management and strong fiscal controls.
"Our school board and administration work very hard to align the spending of our tax dollars to priorities in the classroom. We recognize the need to balance the needs of our students with the needs of our taxpayers. That is why we have the lowest tax rate in Chester County, along with high-performing schools. Moody's recognizes that this aids fiscal stability for the District," added Chris McCune, School Board President.