S&P Global Raises Orleans Parish School Board’s Rating; Reports Financial Outlooks Are ‘Stable’
February 19, 2019
The district received a ratings boost from S&P Global Ratings
NEW ORLEANS – (Feb. 19, 2019) – The Orleans Parish School Board (OPSB) is pleased to report that as of Feb. 1, S&P Global Ratings raised our underlying rating (SPUR) for the district’s existing general obligation bonds from A+ to AA-. At the same time, S&P Global affirmed the ‘AA-‘ underlying rating on the OPSB series 2011B revenue bonds.
S&P Global also reported that for the next two years, the OPSB’s financial outlooks are ‘stable’.
“The upgrade reflects the OPSB’s maintenance of very strong fund balances, which have exceeded 100 percent of operating expenditures for the last 10 years,” said S&P Global Ratings credit analyst Joyce Jung. “It is our expectation that the reserves will remain at the current level for the next two years.”
“This report is a direct result of the hard work we’ve been undertaking to get the district’s financial holdings in excellent standing, and it reflects our commitment and will to effectively, fairly and transparently steward resources for public education,” said Superintendent of Schools, Dr. Henderson Lewis, Jr.
The OPSB’s Budget and Finance Committee holds monthly meetings. For more information, click here.
S&P Global is the world’s leading provider of credit ratings. With more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities, their ratings are essential to driving growth, providing transparency and helping educate market participants so they can make decisions with confidence. More info available at https://www.spratings.com/en_US/what-we-do.