S&P Global Ratings raised its long-term rating on Saranac Lake Central School District, N.Y.'s general obligation (GO) bonds outstanding to 'AA-' from 'A+'. The outlook is stable. We based the upgrade on the district's general fund reserves improving to levels we consider very strong, stemming from its positive financial performance. The district's faith-and-credit pledge secures the bonds. The New York State Aid Intercept program, pursuant to section 99-b of state finance law, provides additional bond security. The ratings reflect what we consider the district's: Stable tax base with strong wealth indicators, Very strong reserve levels supported by positive financial operations, and Low debt-burden. Somewhat offsetting the above strengths are the district's adequate income and limited economy, as well as elevated
