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 for further information. Complete ratings information is available to subscribers of RatingsDirect at and at All ratings affected by this rating action can be found on the S&P Global Ratings' public website at Use the Ratings search box located in the left column.

Latest Press Release

SET welcomes SPRIME REIT on Jan 23

The Stock Exchange of Thailand (SET) will list S Prime Growth Leasehold Real Estate Investment Trust worth THB 5.72 billion (approx. USD 173.26 million) on January 23, 2019, under the ticker symbol "SPRIME ". SET Senior Executive Vice President Manpong...

Empowering ASEAN 4.0 the ways forward to pursue and become ready for the transformation to the digital era

The ASEAN Business Advisory Council (ASEAN BAC) was inaugurated in April 2003 at the ASEAN Secretariat in Jakarta, Indonesia. Its establishment was mandated by the ASEAN Leaders at their 7th ASEAN Summit, November 2001 in Bandar Seri Begawan, Brunei...

Fitch Rates KTB Securities# THB Subordinated Debentures #BB-(tha)#

Fitch Ratings (Thailand) has today assigned a National Long-Term Rating of 'BB-(tha)' to KTB Securities (Thailand) Public Company Limited's (KTBST; BB(tha)/Stable) upcoming issue of up to THB400 million in subordinated debentures. The debentures will...

TMB reported 2018 net profit of THB11,601 mn, 34% increase from last year. Coverage ratio was raised to 152% in preparation for IFRS 9 implementation, reflecting the Banks prudent management.

TMB reported 2018 net profit of THB11,601 mn, 34% increase from last year. Coverage ratio was raised to 152% in preparation for IFRS 9 implementation, reflecting the Bank's prudent management. Moving toward 2019, the Bank will continue to further acquire...

TBank#s New CEO committed to challenging 2019 targets against backdrop of average annual profit growth of 10% over past 4 years

Praphan Anupongongarch, formerly chief of auto hire-purchase business, now takes the helm of Thanachart Bank as new CEO. Having introduced his strong management team and adopted both Customer-Centric and Fast & Focused Policies, he aims at...

Related Topics