Strongsville Schools Retain Bond Rating From Moody's

Cleveland OH

02 September, 2020

9:36 AM

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STRONGSVILLE, OH — Moody's Investor Service reaffirmed the Strongsville Schools Aa2 ratings and revised the district's credit outlook to positive. "Financial Prudence is one of our three District's goals and we have worked diligently to continue to strive for being good stewards of the financial resources our community has provided. Having Moody's reaffirm our Aa2 rating and revising our credit outlook to 'positive' has allowed us to refinance our outstanding bond debt," said George Anagnostou, Strongsville City Schools treasurer. Moody's said the district's credit profile is "well positioned to weather operating challenges presented by the coronavirus pandemic given its strong financial condition." The firm praised Strongsville's solid tax base fundamentals and "above average socioeconomic characteristics." The district is refinancing its outstanding debt on the $81 million bond issue, approved by residents in 2012. Over the next 26 years, district officials said, this refinancing will result in annual savings of $800,000 for the Strongsville Schools. Refinancing the district's outstanding debt, will reduce Strongsville taxpayers' investment by 0.5 mills by 2024, the district said. "Much like refinancing the mortgage on your house, this will help our district realize more than $14.5 million in savings for Strongsville City Schools over the next 26 years, and ultimately reduce some of the annual taxes for our community," Anagnostou said. The $81 million bond issue funded construction of the new Strongsville Middle Schools, renovations at Strongsville High School, updates for the Early Learning Preschool and upgrades to the district's elementary buildings including upgraded HVAC systems and resurfaced parking lots.