GREELEY — Oil and gas activity helped propel the passage of a $16.7 million bond for Platte Valley Re-7 School District but is pegged by Moody’s as the major reason behind the financial rating service’s lower rating of that bond as an investment.
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Bonds for Grover-based Pawnee Re-12, Kersey-based Platte Valley Re-7 and Ault-based Highland Re-9 school districts each received enhanced ratings of Aa2, the second-highest investment rating available.
But Platte Valley, where oil and gas interests comprise 93.4 percent of assessed value, also was given an underlying rating of A2, a step below Aa2. Moody’s cited challenges including “substantial industrial and taxpayer concentration with a dependence on oil” and “small scale of operations.”
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