Standard & Poor's upgrades SPS bond rating

Standard & Poor's has upgraded its Springfield Public Schools bond rating.

Previously rated at AA-, the district now carries an AA bond rating, according to a news release.

SPS is the 14th Missouri school district to receive an AA rating or higher, officials said.

"Most of the other 13 school districts are located in the St. Louis and Kansas City metropolitan areas, which have higher personal income levels than the Springfield area," SPS Chief Financial Officer Steve Chodes said in the release. "This is a factor considered by the rating agencies but it is beyond the control of SPS, so we are forced to excel in other areas, such as strong operating fund balances and moderate debt burden, to achieve our rating."

S&P also noted the district's voter support during the past 15 years, growing enrollment and a diverse local economy.

Voters approved $71.65 million in general obligation bonds in April, and with an average interest rate of 4.28 percent. SPS expects to net about $46.8 million on the sale of $45 million worth of bonds. The bond closing is scheduled for Oct. 15, when the funds will be transferred to SPS for district improvements. The remaining $26.65 million in bonds will be issued later, the release said.