Schools

District 308 Receives Upgrade in Credit Rating

The improved rating can help 308 improve its ability to get a better rate for future borrowing.

The following is from a release issued by the Oswego 308 School District:

Periodically, Standard & Poor's Rating Services reviews the district's bond obligations and provides a rating opinion. This year's rating was raised to AA- and affirmed the stable outlook of the district's General Obligation Bonds. 
The rating is available at Standard & Poor's and can be used by the district to improve its ability to get a better rate for future borrowing. 

According to the review, the new rating reflects continued improvement in the district's available reserves. 

Primary credit analyst John Sauter wrote in his report that Oswego 308 budgeted $2.6 million drawdown for the fiscal year 2013, but given conservative assumptions management is projecting at least break-even results to conclude the year. 

"The district projects no additional debt plans for the next two years," writes Sauter. 

The report showed an improved financial outlook from a rating of A+to AA-, both rankings considered "stable" by Standard & Poor's. 

"I am very proud of our team and their efforts to continue finding ways to improve the financial stability of School District 308," said superintendent Dr. Matthew Wendt. "It is our hope that over time the district will find itself in even better financial condition."


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