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Wednesday, 16 March 2011 16:10

Canyons Receives Aaa Bond Rating

Canyons School District has received the highest possible bond rating of Aaa from Moody’s Investors Service, and a AA+ – the second-highest rating – from Fitch Ratings.

“Moody's Investors Service has assigned an underlying Aaa rating and a stable outlook to Canyons School District,” according to a March 15, 2011 statement from Moody's Investors Service. The rating “incorporates the district's solid financial operations with ample reserves buttressing the district's short operating record, and modest debt profile featuring level taxing rates.”

Canyons voters in June 2010 approved a $250 million bond to renovate or rebuild aging schools, build a new high school in Draper, and forward the District’s efforts to better prepare students for college and careers.

The Canyons Board of Education on March 1, 2011 approved a resolution to authorize the issuance of up to $70 million in bonds to enable the District to break ground this summer on the first five building projects. The projects are the rebuilding of Midvale Elementary and Butler Middle School; a seismic retrofit for Sandy Elementary; a renovation of Albion Middle School; and the building of a new high school in Draper.

The bond ratings will help the District secure the lowest possible interest rates on the first bond issuance and ultimately, save taxpayers money.

Read about the Fitch rating on Trading-house.net.

 

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