Moody's Investors Service on Monday assigned an Aa2 rating to DuPage County School District 45's $7.9 million General Obligation Limited (GOLT) School Bonds, Series 2015.
Moody's also maintained the Aa2 rating on previously issued debt. The district will have $35.7 million in outstanding general obligation debt after the sale.
Debt service on the district's GOLT debt, including the Series 2015 bonds, is secured by the district's promise to levy a tax that is unlimited by rate but limited by the amount of the district's debt service extension base (DSEB). The Aa2 rating reflects the sufficient debt service coverage provided by the DSEB, the amount of which exceeds maximum annual debt service on all outstanding GOLT debt secured by the DSEB pledge.
The Aa2 rating also reflects the district's large tax base within the Chicago metropolitan area, significant tax base valuation declines, satisfactory financial position, ample operating reserves and manageable debt burden.