Grapevine-Colleyville ISD has received a credit rating upgrade from Standard & Poor’s Global Ratings (S&P). The District, which now is rated AA+ had previously held an AA rating.
“In GCISD, we demonstrate strong fiscal management as evident by this credit rating upgrade,” said GCISD Superintendent Dr. Robin Ryan. “With this upgrade, GCISD is one of only 21 school districts in the State of Texas that are rated AA+ and we are extremely proud to be included in that elite group of Districts.”
The upgrade from AA to AA+ reflects S&P’s view of the District’s very strong income indicators and tax base growth, as well as the expectation that the District will maintain its very strong financial position. S&P does not award AAA, the highest rating possible, to school districts. By receiving the rating of AA+, GCISD has received the highest rating currently offered to a Texas school district.
Moody’s Investor Services also affirmed the “Aa1” rating for GCISD. In July 2017, GCISD received a credit rating upgrade from “Aa2” to “Aa1”. Of the 1,022 Texas school districts, only 7 have a higher bond rating, putting GCISD in the 99th percentile.
The District was recently awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada and the Certificate of Excellence in Financial Reporting from the Association of School Business Officials International for the fiscal year ending June 30, 2018.
Click here to read the S&P Global Ratings report.