ALPENA, MI. – Alpena Public Schools’ credit rating has improved.
S&P Global has raised the Alpena Public Schools’ credit rating from an A- to an A.
The upgrade reflects the district’s improved financial position with an improvement in fund balance and reduced debt load.
“When you do have to borrow, you want to borrow at the best rate possible so it is easier to repay. It has benefits for our bond sale for building improvements. It makes the bonds more attractive for our investors. We want to get those bonds sold so that we can use that income to fix our facilities.” said Director of Communications, Lee Fitzpatrick.
S&P Global cited conservative budgeting which increased general fund reserves to 22 percent of expenditures.
APS says the school board and district leadership office are to thank.