The Westfall Board of Education received an outstanding credit rating from Moody’s Investors Service this week. The rating was released in connection with the District’s plans to refinance up to $3,110,000 of its elementary school bonds.
Moody’s assigned the District to its “Double A” rating category (Aa), just one rating category below its highest category of “Triple A”. According to Moody’s, governments rated Double A demonstrate “very strong creditworthiness relative to other US municipal or tax-exempt issuers or issues.”
The Westfall report mentioned the following credit factors: “Sound financial operations resulting in strong reserve levels”; “long-standing continuous operating levy”; “low debt burden with rapid payout”; and “recent tax base growth”.
Districts around Ohio refinance bonds from time to time to take advantage of today’s lower interest rates and create savings in the form of reduced bond millage over time.
(Potential investors in the Districts Series 2015 Refunding Bonds are advised to read the entire rating report and official statement related to the bonds before making any investment decisions.)