WILKES-BARRE AREA SCHOOL DISTRICT, PA -- Moody's has updated the par amount for Wilkes-Barre Area School District, PA's General Obligation Bonds, Series B of 2016; rating unaffected by additional debt

New York, November 04, 2016 -- Moody's Investors Service reports that the change in par amount for Wilkes-Barre Area School District, PA's General Obligation Bonds, Series B of 2016 will have no impact to the assigned Baa3 rating nor on the negative outlook. On September 29, 2016, Moody's was informed that the par amount for the district's Series B of 2016 Bonds changed to $29.8 million from $23.98 million. The additional $4.8 million in debt was added to help fund construction that is running ahead of schedule. The debt service structure will remain the same and annual debt service payments will increase by a very modest $100,000. The debt burden as a percentage of full value will increase from 1.5% to 1.6%. Given the modest increase in debt, Moody's has decided to take no action on the rating.

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