By Margaret Davis
Montgomery Township School District’s Credit Rating
Upgraded to AA+
Skillman, NJ – Standard and Poor’s, the nation’s leading watchdog of financial stability, has upgraded Montgomery Township Board of Education’s credit rating on its general obligation debt to “AA+” from “AA” . S & P lists the district’s “strong economic and financial profile” as well as “sound financial performance and position that has been maintained over the past several years” as reasons for this upgrade.
As a result of the upgrade to AA+, the school district was able to secure a more favorable interest rate at their recent bond sale, resulting in a $100K/year savings over the next 15 years on the costs associated with the referendum projects.
“The results of the school district’s bond sale were extraordinary,” says Dave Thompson of Phoenix Advisors, the district’s financial advisor. “The Board’s conservative budgeting and financial operations served well in the analysis of the School District’s credit condition”, he goes on to say.
Superintendent Earl T. Kim is thrilled that the “…upgraded credit rating will bring the district well over $1 million in savings over the next 15 years.” The Montgomery Township Board of Education is also thrilled with this upgrade to AA+ and commends School Business Administrator, Thomas Venanzi, for his unparalleled dedication to the district’s fiscal stability.
