Moody’s Investor Services affirmed the Kent School District’s A1 underlying rating on the district’s $225.7 million in outstanding unlimited tax general obligation bonds and the outlook on the underlying ratings has been revised to positive from negative.
The Moody’s report last week noted that the upgrade reflects positive fiscal results in 2019 showing a massive improvement in the district’s financial profile resulting in fund balance and liquidity levels that are in line with better performing peers in the state, according to a school district news release.
Moody also noted “the improved financial standing of the district is the result of a strong financial management team that has made staffing adjustments, better utilized existing financial resources, and capitalized on adjustments in the state funding formula. The rating also takes into consideration the district’s substantial and growing tax base in the Seattle metro area, as well as slightly above-average socioeconomic measures. Debt and pension liabilities are moderate and supportive of the rating.”