PHOENIX — Standard & Poor's upgraded Wyoming's Fremont County School District No. 1 to A-plus from A.
The Aug. 4 upgrade affects $3.45 million of general obligation refunding bonds the district issued in 2012. The outlook for the bonds is stable, the rating agency said.
"The upgrade reflects a rise in the district's reserve fund balance and an improved economy," said S&P credit analyst Michael Stock.
The agency cited a stable local economy and improved general fund reserves as among some reasons for the upgrade. Fremont County is a sparsely populated area in the center of Wyoming, a region dependent on oil, natural gas, and other energy industries.
"We do not expect to change the rating over the outlook's two-year horizon," S&P said in a release. "However, we could raise the rating if operations were to remain stable, consistently supported by what we view as very strong reserves and consistent enrollment. Falling enrollment and continuous imbalanced budgets would negatively pressure the rating."
