Cass County R-IX School District (Harrisonville), MO Issuer Credit Rating Raised To #AA-# On Consistent Surpluses

Stocks and Financial Services Press Releases Wednesday December 18, 2013 09:20
CHICAGO--18 Dec--Standard & Poor's

CHICAGO (Standard & Poor's) Dec. 17, 2013--Standard & Poor's Ratings Services raised its issuer credit rating (ICR) on Cass County R-IX School District (Harrisonville), Mo., to 'AA-' from 'A+'. At the same time, we assigned our 'AA+' long-term rating to the district's series 2013 general obligation (GO) refunding bonds. The outlook is stable.

"The rating action reflects our view of the district's consistent operating surpluses, which have enabled it to maintain strong reserve levels," said Standard & Poor's credit analyst Benjamin Gallovic.
The rating on the series 2013 bonds reflects our view of an escrow consisting of U.S. government securities that supports the bonds through the March 1, 2017 crossover refunding date.

The stable outlook on the district's series 2013 GO refunding bonds reflects our view of the district's reliance on the escrow account of U.S. Treasury securities that will pay interest on the series 2013 bonds until the March 1, 2017 crossover date.

The stable outlook on the ICR reflects our belief that the district will continue to closely monitor the budget and make the necessary adjustments to maintain strong reserve levels.

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