For the first time since “Margaritaville” invaded radio airwaves across the country, Philadelphia’s public school system isn’t issuing “junk” bonds.
Yes, it’s been a while.
Since 1977, the credit-rating agency Moody’s has considered bonds issued by Pennsylvania’s largest school district to be “below investment grade,” according to district officials.
That label was a bright red warning light to investors, and it forced the district to pay higher interest rates when it borrowed…
