The East Greenbush Central School District was assigned two strong credit ratings by Moody’s last week, confirming the district’s well-managed financial position.
These ratings from Moody’s will allow the district to secure favorable interest rates and maximize taxpayer investment as schools are improved through capital projects.
Aa3 Rating for $13.5 Million Bonds
The district was assigned an Aa3 rating for its upcoming issuance of approximately $13.5 million in serial bonds. This long-term financing will convert the remaining outstanding short-term debt of $13,470,000 from the 2017 Capital Project over a nine-year term.
- What this means: The Aa3 rating signifies “very strong creditworthiness relative to other domestic issuers and issuances,” reflecting the district’s stable financial footing and ability to meet its long-term obligations.
MIG 1 Rating for $26.3 Million Bond Anticipation Notes
The district was assigned a MIG 1 rating to the approximately $26,261,100 in bond anticipation notes. This short-term debt will finance the 2024 Capital Project.
Approximately $19 million is designated for new work anticipated during the 2026 calendar year. The remaining $7.3 million will refinance outstanding short-term debt from work completed during the 2025 calendar year.
- What this means: The MIG 1 rating is the best rating possible for short-term debt, indicating “superior credit quality.” This top-tier rating reflects an extremely high degree of assurance that the district can successfully convert this short-term debt to long-term financing as scheduled.
“We are pleased that the district’s prudent financial management has been recognized with the strong Aa3 and MIG 1 ratings from Moody’s,” said Director of Business and Finance Jennifer Mulligan. “The Aa3 rating confirms the stability of our financial health for long-term planning, and receiving the top MIG 1 rating for our short-term notes indicates superior credit quality. These high ratings allow the district to secure favorable interest rates, which is critical for maximizing taxpayer dollars and ensuring the successful completion of our essential capital projects.”