Fitch Affirms Norwin School District, Pennsylvania GOs at 'A+'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- In the course of routine surveillance Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the underlying 'A+' rating on the $73.1 million of Norwin School District (the district), PA's general obligation (GO) bonds, series 2000, series 2001 A, and series 2001 B. In addition, Fitch fitch: see polecat. has assigned an underlying 'A+' rating to the district's approximately $9 million outstanding series 2004 GO bonds. The Rating Outlook is Stable. The 'A+' rating on the district's GO bonds is based on modest growth of a mature, primarily residential tax base, manageable enrollment increases, and limited future capital need given that the district is in the final phases of an extensive renovation program. The rating also incorporates the district's above-average debt levels, slow debt amortization, and a financial position that has deteriorated in recent fiscal years. Undesignated general fund balance levels declined from 22.7% of spending in fiscal 2001 to 4.3% in fiscal 2004, mainly due to the use of reserves for capital projects. The district anticipates a small general fund surplus for fiscal 2005. Maintenance of the 'A+' rating and Stable Outlook are dependent upon stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders of undesignated general fund reserve levels in the range of 5%-8% of spending in future fiscal years. |
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