Oriskany Central School District, NY 'A+' GO Rating Affirmed, Off CreditWatch On Actions To Prevent Missed Payments

Rating Action Summary:

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BOSTON (S&P Global Ratings) April 22, 2019--S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating for credit program, with a stable outlook, on Oriskany Central School District (CSD), N.Y.'s general obligation (GO) debt and removed the rating from CreditWatch, where S&P Global Ratings placed the rating with negative implications on Jan. 23, 2019.
The rating action and CreditWatch removal reflects S&P Global Ratings' opinion that the internal controls management put in place following the missed interest payment on Dec. 15, 2018, will likely be sufficient to prevent future missed payments.
"We do not expect to change the rating during the next two years. However, if economic indicators were to improve significantly to levels we consider commensurate with higher-rated peers and management were to sustain strong finances, we could raise the rating," said S&P Global Ratings credit analyst Steven Waldeck. "If reserves were to decrease to levels we consider commensurate with lower-rated peers, we could lower the rating. In addition, we could lower the rating if the district were to miss another debt service payment."
The stable outlook reflects S&P Global Ratings' opinion the district will likely maintain its strong finances due to conservative budgeting. The rating service also believes the district's stable economy, enhanced by a growing tax base and low debt, coupled with rapid amortization, provides further stability.
The district's faith-and-credit-GO pledge secures the bonds.
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