The Chagrin Falls Exempted Village School District recently completed a credit rating review in preparation for the sale of bonds to complete the construction of Chagrin Falls Intermediate School. Moody’s Investors Service assigned an Aa1 rating to the $31.5 million bonds. Concurrently, Moody’s has affirmed the Aa1 rating on the district’s outstanding general obligation bonds. The Aa1 rating is one notch below the highest possible rating of Aaa. There are only five school districts in Ohio out of 613 that carry a Moody’s rating higher than Chagrin Falls Schools.
In a credit opinion released today, Moody’s Investors Service substantiated the rating, judged to be of high quality and subject to low risk, highlighting the following strengths: stable suburban tax base with high resident wealth and income, strong voter support of local tax issues, and sustained trend of positive operations resulting in appropriate fund balances and liquidity.
District administrators and members of the Board of Education presented to Moody’s rating analysts on July 11. The presentation included an overview of the community, election history, and financial position of the district. District Superintendent Robert Hunt stated, “It was a rewarding opportunity to share the story of our community and school district. This rating confirms the financial position of the district and the work we have done together as a school and community to support our district.”
The district will now proceed with the bond sale currently scheduled for August 8, 2017. Residents of the district interested in purchasing the bonds can contact District Treasurer Anne Spano at 440/247-4571 for more information.
