LANGLEY — The South Whidbey School District got three bits of interconnected good news this week.

First, Moody’s Investors Service in New York, one of the world’s most respected and widely utilized sources for credit ratings, research and risk analysis, upgraded the district’s credit rating from A3 to A2.

“They based this move on our financial performance over the last four years,” said business manager Dan Poolman. “We were able to improve our fund balance despite the challenges of declining enrollment and the resulting loss of state dollars.”

This news directly affected negotiations over refinancing the debt service on the remaining $5.9 million the district borrowed 12 years ago to remodel the high school.

On Wednesday, the debt was refinanced at a lower rate, which will save South End taxpayers $137,000 over the next two years. The improved bond rating from Moody’s helped get a bigger break for the district’s creditor.

Finally, word came from the state auditor’s office that the district will undergo an accountability audit every two years, instead of the current annual check-up. These audits are used to determine whether the district is following state laws, regulations and policies.

“Essentially, it’s to gauge management’s accountability of public resources,” Poolman said. “Most districts are on a one-year cycle unless they can demonstrate they’re doing well.”

And because the school district pays for the audits, money will be saved if they only occur once every two years.

“Any way we can save money for the district taxpayers is a positive step; nobody can argue with that,” Poolman added.