Bangkok--3 Feb--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A+' rating to McKinleyville Union School District, Calif.'s series 2008A general obligation bonds. The outlook is stable.
"The rating reflects our view of the district's consistently good financial performance, with reserves of 14%, and low overall debt burden," said Standard & Poor's credit analyst Shannon Groff. In our opinion, tempering factors include the limited regional economy and steadily declining average daily attendance, which drives per-student funding, but in our view management has a positive record to date of adjusting staffing and facilities to meet this trend.
Proceeds from the bonds will be used to renovate and modernize district facilities.
The district serves residents of the unincorporated community of McKinleyville, which is located on the California coast about 80 miles south of the Oregon boarder and 275 miles north of San Francisco. Preliminary 2009 average daily attendance totals 1,105.
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Edward Sweeney, New York (1) 212-438-6634, [email protected]
Analyst Contacts:
Shannon Groff, San Francisco (1) 415-371-5005
Ian Carroll, San Francisco (1) 415-371-5060
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]