Pennsbury Gets Strong Credit Rating Ahead Of Bonds

Morrisville PA

19 October, 2020

4:19 PM

Description

FALLSINGTON, PA — Ahead of an anticipated bond refinancing intended to conserve district funds, Pennsbury School District has received a strong credit rating from Moody's Investors Service. Pennsbury was granted a Aa2 rating by the service. That is the third-highest rating Moody's attaches to fixed-income like bonds and is considered a high rating. In its rating, long-term financial planning was specifically listed as a strength by Moody's. Superintendent William Gretzula attributed the strong rating to the work of Christopher Berdnik, Pennsbury's business director, and his department, as well as district leadership and its board of directors. In the face of a pandemic, this report is certainly celebrated as it reflects the continuous attention given to improving and maintaining the school district's financial position," Gretzula said. "I hope that our community stakeholders share in our pride." Berdnik said the credit rating reflects the district's strong and growing tax base and other positive financial factors. The district is scheduled to price a bond refinancing on Wednesday. According to district officials, it is expected to save Pennsbury more than $1.5 million in debt service over the next few years. The district simultaneously will be issuing $3 million in new bonds to support projects including a partial roof replacement at Pennsbury High School West.