MASSENA -- Massena Central School District has earned an A+ bond rating.
Standard and Poor's Ratings Services assigned its "A+" rating to Massena Central’s bonds issued to finance previous capital projects, identifying them as safe investments.
Schools and businesses with good credit ratings pay lower interest rates to borrow money or issue bonds.
S&P's rating means that the district can reissue previous bonds at a lower interest rate saving our taxpayers money, according to Superintendent Roger B. Clough II.
"That's good news in these days when we see school finances being squeezed by increasing costs and unpredictable state aid."
"The S&P evaluation issued the rating based on the community's economic stability and the school district's conservative budgeting. The report did note, however, that state pressures are forcing the district to deplete its reserves." said Chairman of Finances for the BOE, Mike LeBire.
"The report affirms what we already knew. We are spending our savings and those savings won't last indefinitely. We will take advantage of this opportunity to refinance and save money, but it won't change what's coming ahead."