Ferndale, WA- This week, Ferndale School District received its bond rating from Moody’s Investors Service who determined that the district maintains its Aa2 rating. The rating reflects the district’s healthy reserve funds as compared to our statewide peers.
As part of a municipal bond sale, Moody’s Investors Service evaluates our current and projected future financial health in order to assign a bond rating. The process consisted of Superintendent, Linda Quinn, and Assistant Superintendent, Mark Deebach working with the district’s financial and legal advisors from DA Davidson, K&L Gates and Northwest Municipal Advisors. The team submitted a report and participated in an interview with members of Moody’s Investors Services.
This is good news for the district and better news for our taxpayers. While it has no direct financial benefit to the district, it provides a major benefit to the taxpayers by providing lower interest rates translating to a savings of hundreds of thousands of dollars.
“We are very pleased to maintain our bond rating through the ups and downs of the economy the last several years,” said Assistant Superintendent Deebach. “It allows us to keep our commitment to the taxpayers by making sure our tax rates are lower than we forecasted when we took the bond proposal to our voters.” The district is proud of the rating that allows us the ability to continue saving money for taxpayers without sacrificing the quality of our educational system. Which is always a good thing.