Massapequa School District was awarded a bond rating upgrade from Aa2 to Aa1 from Moody’s Investor Service, ranking it among the top districts in the state f
or its prudent financial practices. The new rating entitles the district to lower interest rates, which will save hundreds of thousands of dollars in interest costs on district bond issue borrowings, according to Deputy Superintendent Alan Adcock.
Massapequa’s upgrade was considered particularly noteworthy as many jurisdictions are experiencing credit downgrades, resulting from dwindling fund balances and constraints under the New York State property tax cap, the district’s financial advisors pointed out. According to the Moody’s credit report, the district earned the upgrade because of its “stable operating performance, sound reserve and liquidity levels, sizable tax base, strong resident wealth indicators, and low debt burden with a manageable capital program.” Moody’s also credited the district’s strong management, noting its successful track record of conservative budgeting and financial practices.
“We are extremely proud that our effective fiscal strategies have placed us among a select group of well-managed districts that have achieved a bond rating of Aa1,” said Adcock. “Monies saved from the lower interest rate will help supplement instructional programs and operations, which ultimately minimizes the tax burden on our residents.”
