McKinney ISD

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MISD Receives Second Highest Bond Ratings from Standard & Poor’s and Moody’s

Article|
Shane Mauldin|
Tuesday, July 24, 2018
In bond rating reports issued for 2018, Standard & Poor's Global Ratings upgraded McKinney ISD's bond rating from AA to AA+, and Moody's reaffirmed the district's Aa1 rating. Both are the second highest possible ratings from each entity.

In bond rating reports issued for 2018, Standard & Poor's Global Ratings upgraded McKinney ISD's bond rating from AA to AA+, and Moody's reaffirmed the district's Aa1 rating. Both are the second highest possible ratings from each entity.

McKinney, Texas – Standard & Poor’s Global Ratings and Moody’s Investors Service have released their annual bond ratings for McKinney ISD, and both credit rating agencies have assigned the district their second highest ratings possible.

For 2018, S&P has raised MISD’s general obligation debt rating to AA+ from AA. The AA+ rating is the second highest that S&P assigns with AAA as the highest possible rating.

The upgrade is the result of factors that include, but are not limited to, “…a trend of surplus operating results” and the district’s “very strong financial position,” according to the S&P report. It went on to explain that “the district has been able to increase financial reserves while managing its debt burden and carrying charges in recent years.”

chart showing Moody's Aa1 rating labeled "current" and Standard and Poor's AA+ labeled "New" and AA labeled "Previous"

Texas Permanent School Fund (PSF) is pledged to guarantee bonds issued by Texas school districts thus enhancing their credit to Aaa (or AAA) allowing for lower borrowing costs.

“I believe that this upgrade recognizes the ongoing hard work and long-term fiscal prudence displayed by the McKinney ISD Board of Trustees and staff,” said MISD Chief Financial Officer Jason Bird.

The Moody’s report reaffirmed the district’s Aa1 rating—the second highest on Moody’s scale, with Aaa as the top possible credit rating assignment. Their report cited factors that include “…a stable financial position with structurally balanced operations driven by strong management and conservative budgeting.”

“Our Business Department has done their job extremely well for a long period of time to achieve this rating upgrade, and I could not be more proud of the work from our CFO and the department as a whole,” said McKinney ISD Superintendent Dr. Rick McDaniel. “Mr. Bird and the rest of the members of the Business Department have done a superb job and certainly deserve recognition for such an achievement.”

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