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Contact: Ric Dressen
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Media Release |
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FOR IMMEDIATE RELEASE Edina Public Schools receives highest credit rating from Moody’s and Fitch Edina, Minn., May 11, 2010 – Edina Public Schools (EPS) recently became the only district in Minnesota to receive top credit rating from two of the leading global ratings agencies. Moody’s Investors Service and Fitch recently bestowed their Aaa rating on the District, the highest assigned by either company. EPS earned its new rating when the companies recalibrated their municipal ratings to the global rating scale. Prior the recalibration, EPS enjoyed a Moody’s Aa1 rating, the highest offered at the time. The new rating will ensure that EPS can continue to borrow money at a low interest rate. “The Aaa rating is a tribute to the District’s track record of solid financial management as well as its very strong tax base and income and wealth levels,” said Joel Sutter, executive vice president of Ehlers and a financial advisor for EPS. The District has long been recognized for its excellent financial management and has received the Minnesota Department of Education’s School Finance Award for fiscal health for seven years in a row. Edina is one of only two Minnesota districts to be consistently recognized every year since the award’s inception. The Edina community maintains a strong tradition of supporting its schools. An August 2008 resident survey revealed that 92 percent of the residents surveyed felt they got a good value from their investment in EPS. “It is always reaffirming when national rating agencies look at Edina Public Schools' sound financial practices and are willing to reward the District with an exceptionally high bond ratings, saving our taxpayers if the District has to borrow money," said School Board Member Peyton Robb. Robb currently serves as chair of the School Board’s Finance Committee. About Edina Public Schools: ###  |
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