Shenendehowa’s General Obligation Debt Rating by Standard and Poor Global Ratings Raised To ‘AA+’ On Strong Finances…

Written by on November 30, 2017 in District News

S&P Global Ratings has raised its long term and underlying ratings to ‘AA+’ from ‘AA’ on Shenendehowa Central School District’s outstanding general obligation (GO) debt. At the same time, they assigned ‘AA+’ long term and underlying ratings to the district’s series 2017 school district refunding (serial) bonds. The outlook on all ratings is stable.

“The upgrade reflects the district’s ability to achieve positive operations over the last five years, while experiencing growth in its economic and income indicators,” said S&P Global Ratings credit analyst Lauren Freire.

The district’s faith-and-credit GO pledge secures the bonds. The bonds are further secured by the district’s participation in the New York State Aid Intercept program. We understand management plans to use proceeds to refund the 2007 series for a present value savings. There is no extension of maturity and savings are taken evenly over the maturity schedule.

Shenendehowa CSD includes the towns of Clifton Park, Halfmoon, Malta, Waterford, Ballston, and Stillwater. Enrollment totaled 9,820 in 2017 and is expected to remain stable-if not increase–in future years.

“The stable outlook reflects our expectation that Shenendehowa CSD will continue to adjust its budget to maintain fiscal balance,” added Ms. Freire.

The district’s access to and participation in the Albany regional employment base and its very strong wealth and incomes underpin stability. Further stability is provided by the district’s very strong fund balance position.

Please see Ratings Criteria at for further information.