The School Board of Hillsborough County authorized the Superintendent to refinance certain components of the District’s Certificates of Participation. To prepare for this refinancing, the District asked the rating agencies to provide new credit ratings for the School District. Moody’s Investors Service conducted an analysis of the School District in conjunction with that request.

Moody's Investors Service upgraded its credit ratings on all of the District’s outstanding debt and assigned the District an issuer credit rating of “Aa2.” The Moody’s action makes Hillsborough one of only two Florida school districts to achieve an “Aa2” rating. The other Florida school district with this rating is the School District of Sarasota County. Sarasota does not issue debt, is not a high growth district, and has significantly more wealth per student than does Hillsborough. The School District of Hillsborough County is the only Florida school district to have an “Aa2” Moody’s rating and an “AA” Standard and Poor’s rating.

In the release of the ratings, Moody’s stated, “Moody’s believes the district’s solid financial position will remain stable given the sound management and budgeting practices and consistent trends of increasing fund balance reserve levels.” A copy of the rating summary is attached.