Midland Independent School District (MISD) is among only six school districts in Texas to achieve a top rating from Moody's Investors Service.
According to a MISD news release, Moody’s upgraded the district’s issuer rating from Aa1 to Aaa. This rating reflects the district’s strong financial management and governance, which have resulted in high reserves and prudent debt management. MISD believes this upgrade demonstrates its commitment to long-term fiscal health.
"This is a huge accomplishment for the district as we’re one of only six school districts in the state with this exceptional rating," said Tucker Durham, Chief Financial Officer for MISD. "The upgraded rating is attributed to the district's current financials, aggressive debt repayment plan, and the management by the Board of Trustees and the district." Durham said that the rating indicates to investors that the district is a low-risk investment and enhances its interest rating "when we return to the market slated for next year to sell the remaining voter-authorized 2023 bond."
According to the news release, Moody's considered MISD's efforts to retire debt early, saving taxpayers money. The district has saved nearly $92 million through refinancing and early debt repayment since 2012. With reserves exceeding 45 percent of revenue, MISD expects these measures will help mitigate challenges related to limited state funding and economic fluctuations.