Standard & Poor's Ratings Services assigned its 'AA-' long-term rating and stable outlook to Ithaca City School District, N.Y.'s series 2010 general obligation (GO serial) bonds. We also affirmed the 'AA-' rating on the district's outstanding GO bonds. In our opinion, the rating reflect the district's: Stable enrollment; Strong economy, anchored by Cornell University and Ithaca College and characterized by a growing population, adequate income, and favorable employment indicators; Growing and very diverse property tax base, with strong per capita property wealth; Favorable financial performance, with three consecutive general fund operating surpluses providing good reserves; and Moderate debt, which is expected to remain manageable despite approximately $21.8 million in authorized but unissued debt obligations. The bonds are a GO of...
Companies mentioned in this report are:
- Ithaca City Sch Dist
Action: New Rating
Action: Outlook: Stable
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