January 13, 2025
Moody's Upgrades the DPS Credit Rating Before the Pricing of the 2024 Bond
DENVER — Denver Public Schools (DPS) is proud to announce that Moody's Investors Service has upgraded the District’s general obligation unlimited tax (GOULT) ratings from Aa1 to Aaa credit rating. This is the highest rating that can be given to a general obligation bond by a major credit-rating agency.
This prestigious rating means that the District has the lowest risk of default and is able to meet financial commitment with ease. It also reinforces DPS's sound financial practices and allows the District to issue bonds at a lower interest rate. This will reduce the cost of borrowing, allowing the district, and Denver taxpayers, to save money on bond repayments.
“This upgrade is a testament to the hard work and commitment of the Denver Public Schools team and the community members who support our mission,” said DPS Superintendent Dr. Alex Marrero. “Moody’s rating underscores the district’s dedication to fiscal responsibility, and it positions DPS to continue investing in our scholars while keeping costs low for our taxpayers.”
Moody’s credited the district’s overall credit profile and the significant voter approval of the latest bond proposal and question.
Last November, Denver voters approved a $975 million bond with 75% support. This money is planned to provide safety upgrades, improvements to arts and athletics facilities, and air conditioning to the last 29 DPS schools without AC. The bond will also provide funding to many other infrastructure improvements across the district.
“Aaa is an uncommon rating for a Colorado school district GO Bonds for many reasons. DPS was able to achieve this rating because of many consistent years of good financial leadership from Board members, leadership, and staff,” said DPS Chief of Finance Chuck Carpenter. “These successes include dealing with modern challenges like enrollment volatility, underfunded pensions, state funding cuts, wages pressures, aging facilities and others. The city can be proud of this fiscal stewardship.”
The first bond pricing is scheduled for January 22, 2025.
-DPS-