CUSIP 725726LZ4
- ISIN: US725726LZ43
- Entity Name: Pittston Area School District
- Sector: Municipal Agency
- Announcement Date: 07-Sep-2018
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 15-Sep-2025
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Rating Upgrade
- News: S&P Global Ratings raised its long-term rating and underlying rating (SPUR) on Pittston Area School District, Pa.`s general obligation (GO) debt one notch to `A` from `A-`. The outlook is stable. S&P Global Ratings also assigned its `A` long-term rating and stable outlook to the district`s series 2018 GO bonds. The rating action reflects our opinion of the district`s continued improvement, and sustaining, of available reserves at stronger levels. The rating reflects our opinion of the district`s: Access to the Scranton-Wilkes-Barre metropolitan statistical area (MSA), Strong available fund balance, and Low-to-moderate debt with rapid amortization and limited capital needs. We believe somewhat offsetting these strengths are, what we consider, the district`s: Large pension and increasing retirement costs, and Adequate market value per capita. The district`s full-faith-and-credit pledge secures the bonds. The Act 1 Index under Pennsylvania commonwealth statute restricts a district`s ability to raise the tax levy higher than a certain index, which the Pennsylvania Department of Education determines. However, the district collects pledged property taxes from its entire property tax base; we do not believe there are limitations on the fungibility of resources available to pay debt service. Therefore, we rate the district`s limited-tax GO debt at the same level as our view of its general creditworthiness.
- Description: Municipal Name: Pittston Area School District CUSIP: 725726LZ4 Currency: USD Pittston Area School District announced today that the Standard & Poor`s Rating has upgraded the long-term and underlying ratings related to the Series 2015, General Obligation Bonds from A- to A.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US725726LZ43
