Props Press Recent
AUGUST 2022 PRESS RELEASE:
Wright City School District's credit rating is boosted from the current A+ to AA-
Wright City School District was in the market on May 19th locking in interest rates on over $52,000,000 in funds to be available for construction of the new high school.
As part of the process for issuing the high school debt, the District sought a credit rating from Standard & Poor’s (S&P) to help keep interest costs as low as possible. This credit rating is similar to a credit score for an individual. In order to perform their review, S&P reviews all aspects of the District’s finances, policies and procedures as well as reviewing the current state, future growth potential and overall health of the local economy.
After this review was complete, S&P, which rates more Missouri school districts than any other agency, assigned an upgraded rating from the District’s current rating of A+ to the higher AA- rating. This upgrade resulted in lower interest rates and lower payments on the debt issued to construct the high school when compared to Districts rated at the lower rating score of A+. After the upgrade, only approximately 10 of the more than 500 school districts across Missouri now have a higher credit rating than Wright City.
Some of the highlights of S&P’s review of the District include: (1) the District’s consistent financial position and stable financial performance projections; (2) moderate debt load relative to peers [including the debt issued for the new high school]; (3) financial management practices in several key areas that are supportive of the upgraded credit quality; and (4) continued economic growth and development within the District and the surrounding areas as reasons for the upgrade.