Standard and Poor's upgrades District 113A's rating
LEMONT – Standard & Poor's Ratings Services said that it raised its underlying rating to "A+" from "BBB" on Lemont-Bromberek Combined School District 113A's existing general obligation bonds, according to a news release from the service.
"The rating action reflects our view of the district's improved financial position, bolstered by management's efforts to significantly cut expenditures to build reserves in its educational and operations and maintenance funds (combined general fund)," said Standard & Poor's credit analyst Blake Yocom in the release.
The release said the analysts see the district's strengths as being the incomes and market value per capita and available reserves. Its weaknesses include its elevated carrying charges and history of poor voter support in approving referenda.
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