Negative outlook removed from Cedar Rapids school bond debt

Moody's removed the negative outlook because of improvement in the district's reserve funds

New Cedar Rapids Community School District superintendent and former Iowa Department of Education director Dr. Brad Buck meets with members of his top administration staff at the Educational Leadership and Support Center in northwest Cedar Rapids, Iowa, on Monday, July 6, 2015. (Jim Slosiarek/The Gazette)
New Cedar Rapids Community School District superintendent and former Iowa Department of Education director Dr. Brad Buck meets with members of his top administration staff at the Educational Leadership and Support Center in northwest Cedar Rapids, Iowa, on Monday, July 6, 2015. (Jim Slosiarek/The Gazette)

CEDAR RAPIDS — Moody’s Investors Service has affirmed the Aa3 credit rating on the Cedar Rapids Community School District’s general obligation debt and removed the negative outlook on that rating, the firm said Tuesday. The district has $20.9 million in outstanding debt from general obligation bonds. Moody’s removed the negative outlook because of improvement in the district’s reserve funds.

The Aa3 rating also reflects those reserve improvements, as well as the district’s tax base, socioeconomic profile, debt burden and pension liabilities.

Moody’s assigned the negative outlook last year. In 2013, it downgraded the district’s rating from Aa2 to Aa3 and removed a previous negative outlook.

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