The East Greenbush Central School District received a MIG 1 rating from Moody’s Ratings last month for the $14.7 million bond anticipation notes that are related to the previous capital project. MIG 1 is the best rating possible and indicates “superior credit quality.”

Moody’s issues MIG ratings to assess the creditworthiness of school districts’ short-term debt obligations. 

The district owes $14.7 million on the $39 million capital project that was approved by voters in 2017 and completed last year. That project included replacement of aging systems, safety and health improvements and updated technology and instructional classroom space.

The MIG 1 rating reflects the district’s well-managed financial position. Much like an individual’s credit score, the district’s credit rating impacts its ability to borrow, as well as the interest rate it pays when it does so.

“We are thrilled to receive this top credit rating from Moody’s,” said Director of Business and Finance Jennifer Mulligan. “This recognition reflects the district’s strong financial management and commitment to fiscal responsibility. A high credit rating allows us to borrow at more favorable interest rates, which ultimately benefits our taxpayers.”

MIG Ratings

Moody’s uses the MIG scale for US municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.