Moody's Investors assigns P-CCS an Aa2 Rating
- School NameCommunications Department
Moody’s Investors Service has assigned a Aa2 rating to Plymouth-Canton Community Schools, MI’s $100 million 2020 School Building and Site Bonds (Unlimited Tax General Obligation). The press release and final rating report was released this week.
Moody’s maintains the Aa2 ratings on the district’s previously issued general obligation unlimited tax (GOULT) backed debt. The Aa2 rating reflects the district’s sizable, affluent tax base in southeastern Michigan (Aa1 stable). Additionally factored are the district’s healthy operating fund balance and liquidity that has strengthened in recent years despite stagnant student enrollment trends which have restricted revenue growth. The rating also considers the district’s increasing debt burden as a result of the current borrowing, as well as its exposure to a poorly funded statewide cost-sharing pension plan.
The long-term impact of COVID-19 has not yet been determined, and therefore the rating has not changed at this time, but will be reviewed periodically and adjusted accordingly.
Documents from Moody's Investors Service
- Rating Action: Moody's assigns a Aa2 to Plymouth-Canton Community Schools,MI's GO bonds (PDF, 5 pages, 5/15/2020)
- Credit Opinion (PDF, 7 pages, 5/20/2020)
Deborah J. Piesz
Chief Finance and Operations Officer
Plymouth-Canton Community Schools
454 S. Harvey Street
Plymouth, MI 48170