S&P's upgrades bond rating for Gainesville City Schools

GAINESVILLE - Standard & Poor's (S&P's) Ratings Services has raised its issuer credit rating (ICR) on the Gainesville City School District's 2006 general obligation (GO) bonds from "BBB+" to "A".

It also affirmed the "AA+" long-term rating on the general obligation (GO) bonds. The long-term rating reflects the district's participation in the Georgia State Aid Intercept Program.

"The restoration of our bond rating reflects the work of the Board or Education and finance department in recovering from the deficit that was revealed in 2008," Supt. Merrianne Dyer said. "The employees of Gainesville City Schools have contributed to the success by taking the necessary steps to restore the financial health of our district."

This upgrade was based on what S&P viewed as "significant improvement in the district's financial performance and sustained strong general fund position."

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