"We are ecstatic to have our rating upgraded two notches," Superintendent Eric Hartwig said in the press release. "Standard & Poor's was particularly impressed with the level of support we receive from the community, and we are so proud to report this result back to our constituents."
It's "very rare" for a school district to receive a double rating upgrade, district financial adviser Chris Hiatt said in the press release.
The district's rating was updated as part of its recent $10 million Measure Z general obligation bond issuance to fund district projects. Measure Z, a $49.5 million bond measure, passed in November 2018. The measure is intended to fund repairs, renovations and new buildings on the district's two campuses.
Standard & Poor's generally reviews four factors in assessing a bond issuer's credit rating: finances, management, debt and pension obligations and the local economy.
A copy of Standard & Poor's letter to the district can be found on the district website, pvsd.net.
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