Rye City School District Retains Triple-A Rating with Moody's

Moody’s Investors Service has once again given the Rye City School District a “Aaa” rating, district officials announced.

The rating service recently re-evaluated the District’s debt rating as part of the process of Rye’s refinancing of two bond issues - totalling $7.5 million - at lower rates. As a result of this refinancing, the District will save more than $320,000 over the life of the debt.

“Moody’s granted the District a Aaa rating once again, recognizing long-standing fiscally conservative management by the Board of Education and the Administration and the community’s support of the District as illustrated by unprecedented voter turnout and a 70% “yes” vote in favor of the 2015-16 School Budget,” said Board of Education President Laura Slack in a statement.

Rye is one of only 7 school districts in the State of New York to have a rating of Aaa. High ratings ensure favorable access to loans for capital projects at desirable interest rates.

In its ratings report, Moody’s complemented the District’s management for “maintaining strong reserves through conservative budgeting practices and proactive management of collective bargaining agreements.”

The report went on to say, “The recent budget vote demonstrates both management willingness to pierce the cap when necessary as well as strong voter support for the District’s policies.”

For more information, and to view the Moody’s press release, click here, or visit this address on your browser: https://www.moodys.com/research/Moodys-assigns-Aaa-to-Rye-CSD-NYs-75M-GO-Bonds--PR_327096#