Standard & Poor's has raised the credit rating for Rockford Public Schools from A+ to AA-.
The rating puts RPS 205 in the same credit category with some of the best school districts in Illinois. S&P cited the district's strong financial performance and the diverse Rockford economy as factors in the credit rating increase, which is estimated to save taxpayers more than $3 million in interest expense.
The ratings service credits conservative budgeting and the recent 10 Year Facilities Plan as strengths for the district. The S&P credit rating is the cornerstone for determining the interest rates on the upcoming bond sale.
This higher credit rating brings with it a lower interest rate. The bonds will be used for $139 million of school improvements, the first phase of a $311 million plan overwhelmingly approved by voters in November.