FREEPORT SCHOOL DISTRICT EARNS A+ BOND RATING FROM S&P:
Solid Financial Performance

Dr. Eric L. Eversley, Superintendent of Schools, announced that the Freeport School District has earned one of the highest bond ratings Standard and Poor’s bestows on school districts, an A+. Standard & Poor’s Ratings Services raised its standard long-term rating and its underlying rating of the Freeport Union Free School District to "A+" from "A" based on the district’s trend of solid financial performance.

Standard and Poor’s analysts determined this rating by studying the District’s financial condition and by meeting extensively with Deputy Superintendent Kishore Kuncham, Freeport’s business official for over a decade. "We believe district officials will sustain the school system’s solid financial performance and that the district’s property tax base will continue to increase steadily," said Standard & Poor’s credit analyst Winnie Fong.

Because of the variance in the timing of expenses and anticipated revenue streams from the State, Districts must borrow to even out their cash flows and meet their obligations. "Freeport taxpayers will benefit from this A+ rating because the District will realize savings through favorable interest rates," said Eversley. "Fiscal stability and accountability have been among the successes in which we take the most pride, along with student gains."

"We have demonstrated solid financial performance over the past years, and I am delighted that Standard and Poor’s has recognized the District by raising the rating to A+." said Kuncham. He said that this was the highest bond rating for Freeport in several decades.

Of the 240 New York school districts which are rated by Standard and Poor’s, Freeport is one of only 11 school districts which have been rated higher than "A."