OREANDA-NEWS. S&P Global Ratings raised its rating on Schroon Lake Central School District, N. Y.'s general obligation (GO) debt two notches to 'AA-' from 'A'.

At the same time, S&P Global Ratings assigned its 'AA-' rating to the district's series 2016 GO serial refunding bonds. The outlook for all ratings is stable.

"The higher rating action is based on the district's growth in economic and market value indicators, coupled with its maintenance of very strong reserves in excess of 35%," said S&P Global Ratings credit analyst Steven Waldeck.

The district's faith-and-credit pledge secures the bonds. The New York State Aid Intercept program, pursuant to section 99-b of the state finance law, provides additional bond security. Bond proceeds and $1 million of the district's available reserves will be used to refund the district's series 2010 bonds.