MADISON, Wis. -- Amid all the news about budget cuts and school closings, the Madison Metropolitan School District received some good news.

The district got a bond rating of Aa1, which means a saving to the district of more than $500,000.

The rating from Moody's Investors Service is one of the highest available, and it allows the district to borrow money long-term at some of the lowest rates possible.

School district officials said the specific impact of the high rating was realized in the bonds issued last month to construct the new elementary school, build the addition to Leopold School and refinance some previous debt.

The Aa1 rating also places the district among a very small percentage of Wisconsin school districts that qualify in terms of financial strength as evaluated by Moody's.