Marquette Area Public Schools receives Aa3 rating from Moody’s

On October 21, 2010, Marquette Area Public Schools was interviewed by Moody’s Investment Services to re-evaluate the school district’s overall financial condition. Based on an analysis of MAPS 2009-2010 audit and relevant financial data, Moody’s has affirmed a 2010 rating of Aa3 for Marquette Area Public Schools, indicative of Very High Quality. This is an increase from the previous rating of A2, High Quality, affirmed for the purposes of Bond Refunding in January of 2003.

 

Moody’s Rating Rationale includes the following:

 

“The district’s Series 2003 bonds are secured by its general obligation unlimited tax pledge. Affirmation of the Aa3 rating reflects the district’s moderately-sized and growing tax base in Michigan’s Upper Peninsula; narrowed financial operations due in large part to declines in enrollment and state funding pressures; and a manageable debt profile with no additional near-term borrowing planned.” 

 

The district’s tax base, valued in 2009 at $2.53 billion, has increased at an average annual rate of 5.26% in the last five years. The district benefits from being one of the few areas in the state experiencing recent full value growth. Moody’s Investment Services Rating Report is available through the following link, LinkClick.aspx.  In spite of the difficulties that all Michigan school districts face, Marquette Area Public Schools has taken a proactive approach to managing the district’s resources. 

Contact the Office of the Superintendent for more information on Moody’s 2010 assessment of Marquette Area Public School’s financial rating. Have a great Halloween weekend. Good luck, also, to the Redmen as they participate in their first football playoff game in many years.

Jon Hartwig, Superintendent

Marquette Area Public Schools 

906-225-4200