New York, September 29, 2016 -- Moody's Investors Service has upgraded Norristown Area School District, PA's Certificates of Participation (COPs) to A3 from Baa1. The A3 rating is two notches lower than Moody's A1 general obligation underlying rating on the district. The general obligation rating on the district remains A1. The notching reflects the pledge on property improvements alone, rather than the entire real property parcel. Since these improvements cannot as a practical matter be resold or re-let, certificate holders have very limited recourse in the event of non-appropriation.

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