Millions Saved After Bond Rating Upgrade, Lakewood Schools Say

LAKEWOOD, OH — S&P Global Ratings upgraded the Lakewood City School District's bond rating from AA- to AA last week, the school system announced. Using the new rating, the district refinanced $41 million 2007 series bonds. The refinancing, the district says, will result in an approximately $500,000 savings annually over the next 14 years.

“The District was aggressive in going after the best price the market would bear and the result was a significant savings for our District and our community,” said Lakewood School's Treasurer Kent Zeman in a statement on the school system's website.

Zeman's leadership was cited S&P for helping increase the district's financial reserves over the past seven years. The district was also praised for its control of expenditures, through staff level attrition and savvy labor contracts. (Subscribe to the Patch Lakewood newsletter for local news and updates.)

The district will also be able to sell bonds at a lower rate in the future, resulting in an increased possibility of savings. S&P noted the district's financial management and leadership as part of the reason it upgraded the bond rating.

Photo from Rick Uldricks, Patch