Credit Rating Upgraded
Refinancing will save Millions

Kenston Treasurer, Linda Hein reported that the district's credit rating was recently upgraded by Moody's Investors Services.  Moody's raised its underlying rating for the school district's general obligation debt one notch to "Aa1" from "Aa2" in a report dated November 29, 2011.  The Moody's report indicated that "the upgrade is based on the district's large, affluent tax base, historically stable financial operations supported by healthy General Fund cash reserves: stable enrollment levels; and manageable direct debt burden.

Superintendent, Dr. Robert Lee indicated that the Aa1 rating is just below the highest Aaa rating.  Of the 245 Ohio school districts that Moody's rates, only 18 Ohio school districts hold a Aa1while only 10 are rated Aaa.  Nearby districts with similar ratings are Beachwood (Aaa), Orange (Aaa), Shaker Heights (Aaa), Aurora (Aa1), Chagrin Falls (Aa1), Mayfield (Aa1) and Solon (Aa1).

Over the next four to six weeks the district will refinance the 2003 bonds that financed the construction of the new high school.  Mrs. Hein estimates the refinancing will save taxpayers about $3 million over the remaining life of the bonds which have a final maturity date of December 1, 2029.  The Moody's rating upgrade is responsible for  $300,000 to $400,000 in overall savings.

Any resident interested in purchasing the bonds can get additional information from Mrs. Hein at (440) 543-9677.  

Play Blue, Promoting Learning through Active Youth, incorporates wellness goals and "New Physical Education" curriculum with an emphasis on nutrition and education.

As part of the Carol M. White Physical Education Grant, Kenston purchased fitness equipment and collected student data five times last year.   Thanks to parents and students we had a 96.6% response rate for the collection of data.