The St Joseph School District received an AA+ from the Standard & Poors ratings service for a bond sale.

The rating, announced Tuesday, is for the sale of more than $21 million in general obligation bonds.

The bond sale was authorized by voters last spring as part of a $42 million bond issue. 65% of the voters approved the issue, paving the way for two new elementary schools in St Joseph. The school board is expected to award two construction contracts next week.

The S&P ratings service also affirmed its A+ rating of the school districts general creditworthiness.

“This is great news for the school district,” said Janet Pullen, SJSD’s Chief Financial Officer. “It sends a strong message to the bond market as to our financial stability and health as we attempt to sell nearly $22 million in bonds. Similarly, SJSD patrons can take comfort in the fact that the S&P Ratings Services believes that the District’s finances are well-managed.”

The rating service stated the districts financial position is strong, noting the $3 million in budget cuts recently approved and also noting addition cuts will be necessary if the 63-cent temporary levy will not be renewed. A sunset clause has the levy ending in 2015.