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Moody's Assigns Aa3 rating to Norris School District bonds

Moody's Assigns Aa3 rating to Norris School District bonds

Wednesday, June 7, 2017

Citing the Norris School District's moderately-sized, growing tax base south of Lincoln with above-average socioeconomic characteristics, and the district's sustained trend of positive operations, healthy reserves, and moderate debt and pension liabilities, the Moody's Invesotrs Service has reviewed and assigned a rating to Aa3 to Lancaster County School District 160 (Norris) for its General Obligation Refunding Bonds, 2017.

The Aa3 is teh fourth highest rating in Moody's Long-term Corporate Obligation Rating. Obligations rated Aa3 are judged to be of high quality and are subject to very low credit risk.

Credit strengths cited by Moody's include the positive valuation trend driven by the southward expansion of the Lincoln metro area and appreciation of ag land values, and the district's healthy financial reserves showing strong fiscal managment. 

Detailed rating considerations for the Norris School District noted by Moody's in granting this favorable rating:

"Encompassing 220 square miles, the district's tax base has historically been agricultural in nature, though residential growth has recently resulted in increased population and contributed to valuation gains. Currently valued at a moderately-sized $1.4 billion, the tax base has increased at an average annual rate of 6.9% over the last five years. The district exhibits minimal concentration as the top ten taxpayers accounted for a modest 4.4% of 2017 full value.
While the local economy continues to be mostly agriculture, the region is becoming more and more a bedroom community."

The Moody's report can be accessed at https://drive.google.com/a/nsdtitans.org/file/d/0B5G3dhEA02CleE9xaTJyQUhwcFk/view?usp=sharings