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Hatboro-Horsham wins Moody's triple-A rating; district cites lower borrowing costs for taxpayers
Summary
Superintendent announced the district received an upgrade to a Moody's triple-A bond rating, one of only 11 Pennsylvania districts to hold that rating; district officials said the rating reflects long-term fiscal planning and should reduce interest costs on bonds.
The Hatboro-Horsham School District announced at its March 24 board meeting that Moody's Investor Service upgraded the district to a triple-A rating, the highest possible rating, a development district officials said will lower borrowing costs.
"We are now rated as a triple A school district by Moody's Investor Services," the superintendent told the board. District officials said that the designation reflects years of strategic financial planning by current and prior business-office staff and school boards and acknowledged the leadership of Bill Stone, the district's director of business affairs, and predecessor Robert Reichert.
Officials said Hatboro-Horsham is one of 11 school districts in Pennsylvania to hold Moody's top rating. The district highlighted several expected benefits: lower interest rates when issuing bonds and reduced annual debt-service expenses, which the district said will benefit both the budget and taxpayers. The superintendent described the rating as evidence that the district's financial and governance practices rank among the state's top performers.
The board did not take formal action on the rating during the meeting; the announcement was provided as part of the superintendent's report.
Ending: District officials said they will continue long-term financial planning and will report any implications for upcoming bond issuances to the board and public.
