Riverdale School District, WI — Moody’s upgrades Riverdale School District, WI’s GO to Aa3 & assigns Aa3 issuer rating

Rating Action: Moody’s upgrades Riverdale School District, WI’s GO to Aa3 & assigns Aa3 issuer ratingGlobal Credit Research – 10 Mar 2021New York, March 10, 2021 — Moody’s Investors Service has assigned an Aa3 issuer rating to Riverdale School District, Wisconsin. The issuer rating reflects the district’s ability to repay debt and debt-like obligations without consideration of any pledge, security, or structural features. Concurrently, Moody’s has upgraded the underlying rating on the district’s general obligation unlimited tax (GOULT) bonds to Aa3 from A1. This action concludes a review for possible upgrade initiated on January 26, 2021, in conjunction with release of the US K-12 Public School Districts methodology. This action impacts $4.9 million of rated GOULT bonds.RATINGS RATIONALEThe Aa3 issuer rating reflects the district’s healthy financial position and low leverage. Also considered in the rating are slightly below-average income and wealth metrics, and enrollment that is generally trending upward but took a significant dip in the current year.The rating assigned to the district’s general obligation bonds was upgraded one notch because it is equivalent to the Aa3 issuer rating, based on the district’s general obligation full faith and credit pledge as well as an unlimited property tax that is dedicated to debt service.RATING OUTLOOKMoody’s does not usually assign outlooks to local governments with this amount of debt.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE…