District Issues First Series of Bonds Following AAA Rating Affirmation
On Wednesday, May 21, 2025, the Salt Lake City School District will issue the first series of bonds approved by voters in the November 2024 bond election, marking a major milestone in its efforts to improve schools and educational facilities across the district.
The bond issuance follows recent meetings with Fitch Ratings and Moody’s Investor Services, where both agencies reviewed factors such as the district’s financial operations, the strength of the local economy, and the planned use of bond funds. Both Fitch and Moody’s affirmed the district’s General Obligation bonds at a 'AAA' rating, the highest possible credit rating a school district can receive. Salt Lake City School District is one of very few school districts in the nation to have stand-alone AAA bond ratings from both Moody’s and Fitch, two of the nation’s top bond rating agencies.
“We are proud to have held our AAA bond rating for more than 25 years,” said Alan Kearsley, Business Administrator for Salt Lake City School District. “This is an external recognition of Salt Lake City School District’s longstanding practice of sound financial management and wise long-term planning. We are proud to be able to save our taxpayers money as we begin selling the bonds approved by our community last November.”
The AAA rating significantly benefits taxpayers. It functions like a “credit score” and allows the district to borrow at the lowest possible interest rates, saving potentially millions of dollars in interest payments over the life of the bonds. The district has shared its bond offering documents and rating reports with investors, and several underwriters have signed up to bid on the bonds. The underwriter offering the lowest interest rate will win the bid, ensuring the district secures the most cost-effective financing available.
"This is a win for our students, our schools, and our taxpayers," said Superintendent Elizabeth Grant. "We know Salt Lakers are facing rising costs in nearly every area of their lives. Thanks to our district’s history of strong financial management, we can make critical investments in our facilities while minimizing the financial impact on our community."
Funds from this bond sale will support the district’s effort to build for the future by rebuilding West and Highland High Schools, building a modern athletic field house at East High School, and funding sustainability projects across the district.
For more information about Salt Lake City School District’s 2024 bond projects, please visit the district website.