Moody's upgrades Pima schools, gives A1 to bonds

Moody's Investors Service said it assigned an A1 rating to the Pima County Unified School District No. 1 (Tucson), Ariz.'s school improvement bonds, project of 2004, series D (2008), in the amount of $57 million.

Moody's also upgraded to A1 from A2 the rating on the district's outstanding general obligation debt totaling $269 million.

Moody's said the upgrade to the A1 rating primarily reflects the district's sizable tax base and economy, modest debt levels and rapid payout of principal. These strengths help to offset a declining but still adequate general fund balance.

Sale of the bonds is expected on July 15.

Proceeds from the current sale will fund capital projects.

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