Corinth Central School District, NY GO Rating Outlook Revised To Stable From Negative On Action To Improve Finances

Stocks and Financial Services Press Releases Tuesday September 19, 2017 08:47
NEW YORK--19 Sep--S&P Global Ratings

NEW YORK (S&P Global Ratings) Sept. 18, 2017--S&P Global Ratings revised the outlook on its 'A+' rating on Corinth Central School District, N.Y.'s general obligation (GO) debt to stable from negative and affirmed its 'A+' rating on the debt. The revision reflects S&P Global Ratings' opinion of the changes the district made to return to positive operating results, including the way it budgets and its reduced expenses. The district rebuilt reserves in fiscal 2016, and S&P Global Ratings expects this trend to continue for fiscal 2017.

"We do not believe we will likely change the rating during the outlook's two-year period. However, if the district were to revert to using the general fund to balance operations, resulting in an adequate total fund balance, we could lower the rating," said S&P Global Ratings credit analyst Lauren Freire. "If the district were to grow and maintain total fund balance to, what we consider, very strong levels while the local economy continues to grow, we could raise the rating.

" The stable outlook reflects S&P Global Ratings' opinion that the district has taken the necessary steps to reverse its previous general fund deficits. The rating service expects the district to maintain balanced operations. In S&P Global Ratings' opinion, budget-setting practices have been conservative and the district has shown an ability to outperform the budget. The district's faith-and-credit pledge secures the bonds.

The New York State Aid Intercept program provides additional bond security. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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