S&P Global Ratings assigned its 'AA' rating and stable outlook to Port Washington-Saukville School District, Wis.' general obligation (GO) refunding bonds, to be issued in 2019, and affirmed its 'AA' rating, with a stable outlook, on the district's existing GO debt. Unlimited ad valorem property taxes secure the GO refunding bonds. Officials intend to use 2019 bond proceeds to current refund the district's bond anticipation notes, used to provide interim financing for the final installment of funding for Port Washington High School and Dunwiddie Elementary School renovations and improvements. The district's access to Milwaukee provides stable enrollment, which is a key component of finances. The district has maintained positive operating results, which has kept reserves well above its fund-balance policy.
