CUSIP 653420LQ0

  • ISIN: US653420LQ05
  • Entity Name: City School District of the City of Niagara Falls
  • Sector: Municipal Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Rating Upgrade
  • News: S&P Global Ratings raised its rating on Niagara Falls City School District, N.Y.`s general obligation (GO) debt outstanding one notch to `A-` from `BBB+`. At the same time, S&P Global Ratings raised its rating on the district`s certificates of participation (COPs) outstanding to `BBB+` from `BBB`. S&P Global Ratings assigned its `BBB+` rating to the COPs based on the application of its ""Issue Credit Ratings Linked To U.S. Public Finance Obligors Creditworthiness"" criteria, published Jan. 22, 2018. The outlook is stable. Lastly, S&P Global Ratings withdrew its rating on the district`s 1998 COPs, as these bonds are no longer outstanding. The district`s faith and credit pledge secures the GO bonds. The COPs are secured by lease rental payments made by the district, as lessee, to 4455 Porter Road Corp., as lessor. We rate this obligation one notch lower than Niagara City School District`s general creditworthiness to account for the appropriation risk associated with the lease payments. The district has pledged its best efforts to seek appropriations annually out of its operating budget, and has considered the affordability of the lease payment in its long-term plans. We considered the affordability and likelihood of the lease payment, which is reflected in the rating on the COPs and in our view of the district`s general creditworthiness. In our view, the lease features and terms are standard with no unusual risks regarding timely payment of debt. The upgrades reflect several factors; however, the most compelling is the recent growth in fund balance. Over the past three years, the district has added $9.7 million to its reserves, which at $16.2 million or 12% of expenses is the highest fund balance the district has maintained over the past 20 years. Management has successfully managed rising costs, WWW.STANDARDANDPOORS.COM/RATINGSDIRECT OCTOBER 19, 2018 2 with a limited tax base, while experiencing enrollment growth and the early termination of an expected revenue stream from the Seneca Nation. We believe that the active management team and prudent budgetary practices have improved the district`s financial position over the past few years.
  • Description: *****
  • Bond Document:
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