Credit Rating Boots Plymouth-Canton School District's Bond Sale

An A+ rating from Standard & Poor's, and an AA2 rating from Moody's means the Plymouth-Canton School District will be able to raise an additional $8 million for the district's recent, voter-approved, bond proposal.

According to a story in the Observer, the district will issue $69 million in bonds Tuesday instead of the $61 million originally planned when the bond proposal was approved by voters in May.

Brodie Killian, the executive director for finance for the district, told the Observer that the district was very excited about the credit ratings and what it means for the district, "We were very happy to see (credit rating) being affirmed, because it means our credit is stable in the eyes of the rating agencies."

Killian said the additional money raised in the first series of bonds will go towards facility upgrades at schools in the district. In addition, there will be an additional $2 million for the technology portion of the bond proposal.

Earlier this month, the district authorized the issuance of bonds, not to exceed $80 million.

At the time, Killian told Plymouth-Canton Patch, "(The number) is higher than what we were originally talking during our early discussions about the size of series one because we are now at a point where we have taxable value stating to come in"

Killian also said the larger bond will make it so the district will not have to go back to the school board to get an increase if the market changes.