Norwich Free Academy's fiscal conservatism has earned it a credit-rating upgrade by Standard & Poor's.

S&P said Thursday that NFA has earned an 'A' rating, an upgrade from its previous "A-minus' status.

"The stable outlook reflects our expectation that over the next two years, NFA will continue its strong financial performance," said Standard & Poor's credit analyst Blake Cullimore.

S&P praised NFA's fiscal 2009 debt service burden of 3.6 percent, but noted "economic and demographic metrics of Norwich ... limit tuition increases" and that the privately funded school faces competition from a new magnet school and an expanded technical high school.